WTO sees sharp fall in trade, calls for global solutions to tackle COVID-19 crisis

The world trade is expected to witness a sharp fall due to COVID-19 (coronavirus) crisis, and global solutions will be required to deal with the pandemic, according to the WTO.

In a video message, World Trade Organization (WTO) Director-General Roberto Azevedo said cross-border trade and investment flows have a role to play in efforts to combat the COVID-19 pandemic, and will be vital for fostering a stronger recovery once the medical emergency subsides.

He said global solutions are needed to address the global challenge brought about by the pandemic.

WTO economists are analysing the fallout from the crisis and will report their findings and projections for trade in 2020 and 2021, Azevedo added.

"Although the report is still a few weeks away, the economists foresee a very sharp decline in trade," he said.

This does not augur well for WTO member countries like India which are not recording healthy growth in exports.

"Once the medical crisis begins to recede, trade will allow countries to help each other grow, bringing faster and stronger economic recovery for all of us. The WTO will do its part," he added.