As trade tensions escalate, the heads of four international organizations on Wednesday (10-9-2018) urged a renewed focus on the importance of trade and the multilateral system in driving economic growth in Bali, Indonesia.
This call was made at a jointly organized conference on the theme “How trade can promote growth for all” attended by the Director General of the WTO, Roberto Azevêdo, the Managing Director of the IMF, Christine Lagarde, the President of the World Bank, Jim Kim, and the Secretary General of the OECD, Ángel Gurría.
According to Azevedo: “Today the WTO covers around 98% of world trade.«.
The director added that “the multilateral system has provided stability and predictability in global trade, even during the 2008 financial crisis. And, as a result, it has helped drive unprecedented growth and development around the world, as well as a dramatic reduction in poverty.”
However, Azevedo said that "Technology is transforming how we produce and how we market. Geopolitics continues to evolve.
To preserve the role of the WTO, "many leaders have committed to working together on reform", said the director.
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