Global EditionASIA 中文双语Français
World
Home / World / Newsmakers

WTO chief sees sharp fall in trade, calls for global solutions to COVID-19 crisis

Xinhua | Updated: 2020-03-26 10:19
World Trade Organization (WTO) Director-General Roberto Azevedo. [Photo/Agencies]

GENEVA - Seeing a very sharp decline in global trade, Roberto Azevedo, director-general of the World Trade Organization (WTO), on Wednesday said a global solution is needed to address the global challenge brought about by the COVID-19 pandemic.

In a video message published by the WTO, Azevedo admitted that "this pandemic will inevitably have an enormous impact on the economy, trade, and consequently on jobs and people's well-being."

Recalling recent projections on an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago, Azevedo said WTO would release its trade forecast in a few weeks.

He warned that economists would inevitably foresee "a very sharp decline in trade".

"Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need", he continued, "keeping trade open and investments flowing will be critical to keep shelves plentiful and prices affordable."

He underlined that a global response is needed to tackle a global challenge of this pandemic, saying "no country is self-sufficient, no matter how powerful or advanced, it may be."

In a press release, Azevedo stressed the importance of transparency with regard to trade-related measures, arguing that it would be particularly useful for many countries that rely on imports for medical supplies.

He set up a task force of experts to monitor the impact of COVID-19 on trade flows and the overall global economy.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US