Lamy Encourages World Trade
Director says 'going global' is answer to financial crisis.
Compiled by staff
Published: Sep 29, 2009
During a public forum of the World Trade Organization, Director-General Pascal Lamy confirmed that the G20 leaders at their Pittsburgh Summit agreed that - their negotiators now embark on the work programs that have been established for the next three months. The goal is final agreement by 2010.
Lamy also talked about the rough patch the world economy has gone through during 2008 and early 2009. He said the contraction in demand led to a slowdown in production, and in international trade. World merchandise trade is projected to fall by a full 10% this year, and foreign direct investment, which fell by 15% in 2008, is projected to drop further.
"The impulse to go 'local' in answer to the financial crisis must be resisted," Lamy said. "In fact, I would argue that we should continue 'going global' for the simple reason that many consumers have seen their purchasing power decline, and are in need of cheaper, more competitive, goods and services, and not more expensive ones produced behind a national tariff wall."
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