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.
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