Trade Organization, expected to reduce the global trade in 2011
Pascal Lamy said WTO chief today that the organization will reduce the expected growth rate of 6.5 percent in global trade this year with the slowdown in global economic activity.
Lamy said that despite the cessation of the Doha Round of global trade talks already been progress in other areas of commercial diplomacy in spite of the tendency of the slowdown resulting from the difficult economic conditions.
He said, for example, that a ministerial meeting in December is likely to agree on Russia's accession to the WTO. There was also in advanced talks on the Convention on Trade Facilitation, which may reduce by half the costs of customs procedures which amounted to about ten percent of the value of the product.
Lamy said at a news conference in Paris, "without a doubt we will adjust our expectation for the growth of world trade downward," responded to a question whether the expected rate would be half the expectation now saying not to this degree. "Revived global trade significantly from the global financial crisis last year grew at a rate 14.5 percent by volume, according to the organization. in the period from 1990 to 2008 world trade grew on average by about six percent a year.
Pascal Lamy said WTO chief today that the organization will reduce the expected growth rate of 6.5 percent in global trade this year with the slowdown in global economic activity.
Lamy said that despite the cessation of the Doha Round of global trade talks already been progress in other areas of commercial diplomacy in spite of the tendency of the slowdown resulting from the difficult economic conditions.
He said, for example, that a ministerial meeting in December is likely to agree on Russia's accession to the WTO. There was also in advanced talks on the Convention on Trade Facilitation, which may reduce by half the costs of customs procedures which amounted to about ten percent of the value of the product.
Lamy said at a news conference in Paris, "without a doubt we will adjust our expectation for the growth of world trade downward," responded to a question whether the expected rate would be half the expectation now saying not to this degree. "Revived global trade significantly from the global financial crisis last year grew at a rate 14.5 percent by volume, according to the organization. in the period from 1990 to 2008 world trade grew on average by about six percent a year.
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