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WTO chief sees bigger than expected trade contraction
June 24, 2009 / 4:50 PM / 8 years ago

WTO chief sees bigger than expected trade contraction

PARIS (Reuters) - World trade volume is likely to contract by a record 10 percent this year, a “huge drop”, rather than the 9 pct forecast by the World Trade Organisation in March, WTO Director-General Pascal Lamy said on Wednesday.

Pascal Lamy, Director-General of the World Trade Organization (WTO), attends the European Business Summit in Brussels March 26, 2009. REUTERS/Eric Vidal/Files

“That’s the situation and I‘m afraid I can’t read any good news in my trade numbers,” Lamy told Reuters Television.

Lamy said he was hearing from the WTO’s 153 members that they wanted to conclude the long-running Doha round to free up world trade in 2010.

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