Multilateral trading system to face "stress test," warns WTO chief
www.chinaview.cn 2009-05-27 05:19:48   Print

    GENEVA, May 26 (Xinhua) -- The multilateral trading system would have to face more severe pressure as protectionism might rise further due to the impact of the global economic crisis, the head of the World Trade Organization (WTO) warned on Tuesday.

    "While, according to some, we may be seeing the bottom of the economic crisis, we have not yet seen its full social impact which will inevitably trigger negative political pressures on the trade front," WTO Director-General Pascal Lamy said.

    "I personally believe ... that the 'stress test' of the multilateral trading system is still to come," Lamy told WTO members at a meeting of the body's General Council.

    He said it was "crucial" for the WTO to keep monitoring any new protectionism measures.

    He also called for renewed efforts by WTO members to conclude the nearly eight-year-old Doha Round of global trade liberalization talks, which he said could provide "a more solid house" for resisting the strong political winds of protectionism.

    "It is precisely at this time, when protectionist temptations flourish, that the value of the multilateral trading system is all the more apparent to all us," he said.     

Editor: Mu Xuequan
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