[150420.EN.BIZ] All Must Cooperate To Preserve Trade Or Risk Global Collapse: WTO

IF countries cooperate and keep their markets open, they could quickly rebound from the impact of the coronavirus pandemic, according to World Trade Organisation (WTO) director general Roberto Azevedo.

The pandemic may cause a deeper collapse of international trade flows than at any point in the postwar era, said the WTO, predicting a global trade fall between 13 per cent and 32 per cent this year.

During an extraordinary YouTube webcast from Geneva, Mr Azevedo advised governments to provide a robust stimulus packages to consumers and businesses, reported Bloomberg.

He advised governments coordinate international efforts to limit trade restrictions because "a turn towards protectionism would introduce new shocks on top of those we are currently enduring".

Some 70 nations - including the US, China and much of Europe - are imposing export curbs on critical medical supplies, according to the University of St Gallen's Global Trade Alert.

Global markets should remain free of restrictions "so that we pull each other up and not hold each other down," said Mr Azevedo.

His call for unity won a nod from US President Donald Trump, who thanked Indian Prime Minister Narendra Modi for releasing stocks of an anti-malarial drug.

"Extraordinary times require even closer cooperation between friends," said President Trump, just two days before a US banned exports of personal protective gear.

Source : HKSG.