WTO chief says financial crisis threatens trade
The crisis on world financial markets poses a risk to global commerce but activity in emerging countries may provide some relief, the head of the World Trade Organisation warned on Wednesday.
By Agencies |
PARIS: The crisis on world financial markets poses a risk to global commerce but activity in emerging countries may provide some relief, the head of the World Trade Organisation warned on Wednesday.
"We don't really know what the impact will be, but what is certain is that it will not be good," WTO's Director-General Pascal Lamy said on French radio station RTL, referring to the impact on trade of a recent series of collapses and rescues of US financial institutions.
But "if the American and European economies are affected, thank God there are still big engines of growth in emerging countries."
Lamy added that measures such as the US government's efforts to pass a massive financial rescue plan were important "in the short term."
But "in the medium and long term it is more complicated because regulation is needed at a world level... just as for commercial exchanges."
"We don't really know what the impact will be, but what is certain is that it will not be good," WTO's Director-General Pascal Lamy said on French radio station RTL, referring to the impact on trade of a recent series of collapses and rescues of US financial institutions.
But "if the American and European economies are affected, thank God there are still big engines of growth in emerging countries."
Lamy added that measures such as the US government's efforts to pass a massive financial rescue plan were important "in the short term."
But "in the medium and long term it is more complicated because regulation is needed at a world level... just as for commercial exchanges."
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