Stalemate for Global Trade?


Rising protectionism and a weakness in key regions are factors causing world trade to grow at its slowest pace in 2016 since the financial crisis, according to Bloomberg.

The World Trade Organization (WTO) has forecast that trade will expand by 1.7% in 2016, which is down from the 2.8% estimate reported in April, 2016.

Roberto Azevedo, Director General of the WTO, said: “The dramatic slowing of trade growth is serious and should serve as a wake-up call. This is a moment to heed the lessons of history and re-commit to openness in trade, which can help to spur economic growth.

“We need to make sure that this does not translate into misguided policies that could make the situation much worse.”

In previous PTI reports, Mr Azevedo said that WTO members need to avoid putting up trade barriers in order to get world trade moving again.

A ‘Strong Multilateral Trading System’ has been mooted as the best safeguard available against protectionism.

The issue of global protectionism, as well as Britain’s recent exit from the European Union, are both factors that have been of recent concern to Korean exporters, who fear that demand for its products may fall due to Brexit.

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