A Deputy Director General of the World Trade Organization,Mr Yi Xiaozhun has called on ministers to bound together in cooperation on trade to boost economic recovery.
Mr Yi Xiaozhun while addressing a virtual meeting of ministers organized today by the Australian government urged the ministers to cooperate at the WTO inorder to enhance a strong economic recovery from the COVID-19 pandemic.
The virtual meeting convened by Australia, centered on two issues: how to narrow differences and move towards an agreement in the WTO fisheries subsidies negotiations, and how the WTO can best contribute to global economic recovery in the wake of the damage caused by the pandemic.
In his remarks Mr Yi Xiaozhun commended Minister Birmingham and the Australian government for hosting the meeting and also appreciated them for your engagement on WTO issues.
He noted that from his view global trade is a bit brighter than a few months earlier. He further noted that member countries’ extraordinary fiscal and monetary measures have enhanced the fall in demand, forestalled financial market instability, and contributed to an upturn in trade.
According to him, subject to the WTO economists estimate global merchandise trade will reduce by over 9% this year, which is better than the earlier projections of a decline of 13 to 32%.
The WTO being a trade body continues to monitor members’ pandemic-related trade policies. Trade-facilitating policies have increased trade-restricting measures by nearly two to one.
However trade remains a catalyst for growth and productivity and closing markets to trade would cause an additional supply shock.
Member countries have put forward ideas for making supply chains more flexible which might reduce incentives to restrict trade in future crises.