WTO warns against protectionism

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} In what would amount to its biggest decline since World War II, global trade could shrink by nine percent during 2009, according to a forecast by the World Trade Organization (WTO) in its annual assessment of world trade.   The WTO report was released while its director-general Pascal Lamy was in Washington to meet officials in the Obama administration ahead of the G20 summit.   Trade is at the top of the agenda when the leaders of the world's major economic powers meet at the summit in London on 2 April, and Pascal Lamy is making sure he gets his message across to them about the dangers of protectionism.   "In London G20 leaders will have a unique opportunity to unite in moving from pledges to action and refrain from any further protectionist measure which will render global recovery efforts less effective," he said in the report.   He warned that the use of protectionist measures was on the rise, and that it could have dangerous consequences: "Many thousands of trade related jobs are being lost. Governments must avoid making this bad situation worse by reverting to protectionist measures which in reality protect no nation and threaten the loss of more jobs."   The WTO also warned that it was difficult to predict the depth of the global recession. "If the drop in world trade is deeper than expected or if recovery happens more quickly, then the growth forecast will need updating."   However, the WTO also reported some positive signs, with exports from China, Singapore, Taiwan and Vietnam growing again during February for the first time in months.   *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *