focus of world trade routes
A somewhat literary or geopolitical term referring to a place that serves as a key junction or hub for global trade and transportation.
Singapore has prospered as a focus of world trade routes.
交通の要衝 is a more common and general term for a transportation hub, while 世界交通の衝 specifically emphasizes a global-scale trade route focus.
Compound of 世界 (world), 交通 (traffic, transportation), and 衝 (hub, important point). The reading しょう for 衝 is a standard on'yomi used in compounds.