24/07/2010
World trade to grow 10% in 2010
The World Trade Organization raised on Friday its forecast for growth of global commerce to 10 percent this year, with its director general saying that even this might yet "turn out to be too low."
WTO chief Pascal Lamy said: "Our forecast for world trade this year is plus 10 percent in volume after the minus 12 (percent) we registered in '09."
Lamy was speaking to reporters, at the launch of the trade body's annual report on the sidelines of the Shanghai World Expo.
In a separate speech at Shanghai's Institute of Foreign Trade, the WTO's director general said that after last year's dramatic slump, "trade growth is coming back fast, thanks in no small measure to the continuing dynamism of China and the
Trade in such products had surged more than six fold between 1998 and 2008 mainly due to sharp rises in fuel prices, noted the WTO.
Such measures help to improve conservation of resources and can help push countries to diversify their exports away from the natural resource sectors.
When asked about the countries that have turned to trade protection procedures during the crisis, Lamy said China has complied with the obligations imposed by membership in the WTO.
"We would greatly enhance our chances of positive action in this area if we were to come to a prompt closure of the Doha Round," he said, referring to the long-stalled trade talks for a global free trade deal.
Launched in 2001 in the Qatari capital, the talks have foundered as developed countries and developing ones fail to agree on lowering tariffs and subsidies.
