WTO chief says hopes of Doha deal are uncertain
Seoul: The World Trade Organisation chief
urged members on Monday to resist protectionist pressure in the
wake of the economic crisis, but said hopes of an early deal
to free up international commerce are uncertain.
"In February this year, the global economic downturn was
peaking," WTO director general Pascal Lamy told a forum.
"Less than a year on, progress has been made but we are
not yet out of the woods."
Lamy, in a speech and comments at a press conference,
said the volume of world trade this year would shrink by
slightly more than 10 percent, "which is unprecedented in
In this environment, he said, "pressure for protectionist
actions...with their illusory gains for the domestic economy,
will not necessarily diminish any time soon."
Lamy said success in completing the Doha round of trade
talks next year as scheduled was vital to signal business and
consumer confidence, and would strengthen the hand of
governments as they confront protectionist pressures.
"This will not occur unless they are all ready for heavy
political lifting at home," he said, adding there would be a
"crunch time meeting" in the first quarter to check if the
goal was attainable.
Prospects for meeting the deadline remain uncertain, he
said. "The jury is still out until the end of the first
quarter of next year."
More from India
More from World
More from Sports
More from Entertaiment
- Watch video: The epic battle between 'Machli' tigress and a 14-foot-long crocodile!
- India, Bangladesh swap border enclaves, settle historic dispute; people rejoice
- Home Ministry holds high-level meet over ISIS
- 'Remembering Dr APJ Abdul Kalam' - President Pranab Mukherjee's photo tribute on Twitter
- ‘Bajrangi Bhaijaan’ Salman Khan weaves magic at BO; to register Rs 500 crore soon!