Articles in this document:
·
G20
leaders agree to seek WTO progress
·
WTO chief
warns trade finance situation deteriorating
G20 leaders agree to
seek WTO progress
SKY News Online -
Updated:
World leaders meeting in
Leaders at G20 summit have vowed to reject protectionism and not to turn inward in times of financial uncertainty.
They've agreed to refrain from raising new barriers to investment or trade, imposing new export restrictions or implementing non WTO measures in the next 12 months.
The communique says they'll strive to reach agreement this year on a successful conclusion to the WTO's stalled Doha Development Agenda.
They're also urging the World Bank and other international lending institutions to support development in poor countries.
They've vowed to ensure the IMF and the World Bank have sufficient resources to help overcome the current crisis.
The leaders are expected to meet again by the end of April 30 to review progress.
skynews.com.au
WTO chief warns trade
finance situation deteriorating
Editor: Sun
2008-11-13
Reporting to WTO
heads of delegations, Lamy said the deteriorating
market for trade finance had been confirmed by experts and representatives of
private banks, international financial institutions and export credit agencies
at a meeting he chaired earlier in the day.
He said two key
problems were identified at the meeting: one is a shortage of liquidity to
finance trade credits, the second is a general
re-assessment of risks caused as much by the financial crisis as by the slowing
down of the world economy.
"The world
economy is slowing and we are seeing trade decrease. If trade finance is not
tackled, we run the risk of further exacerbating this downward spiral," Lamy said.
According to the
WTO chief, the market currently estimates the liquidity gap in trade finance at
about 25 billion U.S. dollars, which is a sizeable sum.
He said a priority
task is to enhance capacity to mitigate the effects of the increased perception
of risks and to provide the market with earmarked liquidity for trade finance.
Both the
international financial institutions and the export credit agencies should
expand their contributions to cover risk and provide additional liquidity under
existing instruments, and they should be supported by public authorities, Lamy said.
Lamy also called on WTO members to resist calls for
protectionist measures and to promote "further organized, regulated and
balanced trade opening" through the Doha Round of global trade talks.
"My sense is
that we are not that far away from our objective of concluding the round, even
if a number of tough nuts remain to be cracked, notably in the agriculture and
industrial modalities, which would be a stepping stone towards a final
"My sense is
that we can achieve modalities in these two areas by the year-end. I remain of
the view that it is doable," he added.
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