The recent statement from the EU reflects growing concerns about the situation in Ukraine. Ukrainian President Volodymyr Zelenskyy’s recent comments about running out of defensive missiles and Ukrainian forces retreating from some points on the Russian front have raised alarm bells.
Compared to the EU’s previous statement in late February, the language in the April statement is much stronger. The EU is urging like-minded governments to work together to reform and strengthen the World Trade Organization in order to prevent the war in Ukraine and widening geopolitical tensions from disrupting global trade routes.
The document issued by the EU finance ministers emphasizes the importance of strong international coordination to protect global trade routes, which are still recovering from the economic impact of the pandemic. By working together to address these challenges, the EU believes that geoeconomic fragmentation can be avoided.
