Coronavirus To Have ‘Substantial’ Impact On Trade: WTO

The head of the World Trade Organisation said that he expected the coronavirus epidemic to have a “substantial” impact on the global economy, but plans for a June ministerial meeting were going ahead.

“The effects on the global economy are also likely to be substantial and will start to show up in the trade data in the weeks to come,” Roberto Azevedo, director general of the WTO told heads of delegations in a closed-door meeting in Geneva on Monday.

“For MC-12 we are proceeding as planned. Should the situation so demand, we will take any necessary action,” he added, referring to the June ministerial meeting in Kazakhstan.

The meeting, where member states will seek to clinch deals on agriculture, e-commerce and fisheries subsidies among other topics, is expected to have several thousand participants.

A successful outcome is considered as critical to the legitimacy and relevance of the global body after the collapse of the WTO’s dispute appeals system due to US blocking of appointments.

ESM