WORLD: WTO chief warns trade “frictions” increasing
Global trade has so far avoided a serious increase in protectionism, but should remain watchful as "friction" increases, WTO director-general Pascal Lamy has warned.
In his most recent report on G-20 trade measures, Lamy said there had been a slowdown in the imposition of new trade restrictions by G-20 economies over the past five months.
But he added that many measures remained in place from the outbreak of the economic crisis and said: “G-20 governments need to redouble their efforts to keep their markets open, and to advance trade opening as a way to counter slowing global economic growth.
“Trade restrictions and inward-looking policies will only aggravate global problems and risk generating tit-for-tat reactions.”
Lamy agreed that the ongoing crisis put pressure on governments to raise trade barriers, but said: “This is not the time to succumb to these pressures.”
He said that trade frictions “seem to be increasing”, reflected by trade remedy and dispute settlement cases under the WTO, as well as decisions affecting foreign investment and participation in infrastructure-related government procurement programmes.
An interactive databank with intelligence on the major apparel sourcing countries
- Under Armour Lighthouse will disrupt production
- Will new Vietnam wage hinder competitiveness?
- How TAL Apparel is staying ahead of the game
- Ethiopia violence undermines sourcing strategies
- Where next for retailers in a saturated market?
- Marks & Spencer top for modern slavery reporting
- Bangladesh garment workers rally for higher wages
- MAS Holdings shares commitment to sustainability
- H&M CEO named sustainability leader
- Gap to shutter all UK Banana Republic stores
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020