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Friday, 21 September 2012

Mr. Lamy calls for revitalization of the Multilateral trading system

According to recent updates by the WTO, slowing global output growth is leading economists to downgrade the 2012 forecast for world trade expansion to 2.5% from 3.7% and to scale back the 2013 estimate to 4.5% from 5.6%.  Accordingly, Pascal Lamy, WTO Director-General, states: “In an increasingly interdependent world, economic shocks in one region can quickly spread to others.
The WTO Director-General stresses that more needs to be done. He says that it is needed needed a renewed commitment to revitalise the multilateral trading system which can restore economic certainty at a time when it is badly needed. “The last thing the world economy needs right now is the threat of rising protectionism” he adds.

Source: WTO

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