The World Trade Organization (WTO) expects global trade to fall by 13% this year due to shocks caused by the coronavirus, a A figure that is significantly less pessimistic than its worst-case scenario of a 32% collapse., said its outgoing CEO.
In an online event organized by ICC Brazil and the Confederation of Brazilian Industry, Roberto Azevedo said there is growing concern within the WTO about countries moving towards self-sufficiency in response to the pandemic.
Concentrating production in one country exposes it to a wide range of shocks, said Brazilian Azevedo. Countries should diversify sources of supply, and the COVID-19 pandemic will see global value chains reconfigured in the coming years, he added.
Azevedo is set to step down this month, a year earlier than planned, after making a surprise announcement in May. The WTO has struggled to manage global tensions and coordinate responses to the pandemic.
The Brazilian has been CEO since 2013 and is serving a second term that was due to end at the end of August 2021.
Source: Reuters
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
