Salvaging Global Trade Needs Multilateralism, Says WTO

Global problems cannot be solved without global solutions, according to World Trade Organization spokesperson Keith Rockwell.

The WTO kept its April projection that global trade in goods would fall between 13 and 32 percent in 2020, saying the record fall stopped short of a worst-case scenario thanks to rapid responses by governments.

Rockwell said, “Governments have put in place almost 240 different measures designed to address the problem…55 percent have actually been facilitating trade. And about a third of the measures, mostly export restrictions, have been rolled back.”

As “people understand and appreciate how important trade is for them,” he admitted that not everyone has benefited from globalization, and this needs to be addressed.

The WTO has begun the process of selecting a replacement for the Director-General who’s stepping down at the end of August. It is an influential role and key to healthy global trade.

Source: https://news.cgtn.com/news/2020-06-24/WTO-Salvaging-global-trade-needs-multilateralism-RAEODKAF56/index.html

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