Covid-19: WTO hails measures on trade policies; gives economic tips

Covid-19: WTO hails measures on trade policies; gives economic tips

- The World Trade Organisation has praised some countries with regard to measures taken to resuscitate their economies

- It noted that countries should, however, refrain from complacency as they work hard to bring the economies back on track

- The WTO listed increased levels of restrictions on trade as a key challenge to countries worldwide

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The World Trade Organisation (WTO) has lauded some countries with respect to plans taken to curb the spread of the coronavirus.

According to its Director-General, Roberto Azevêdo, some measures being implemented to deal with the pandemic are beginning to yield results.

This, he cautioned, must not necessarily lead to complacency, but compel countries all over the world to intensify efforts geared towards full economic recovery.

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Azevêdo’s comments follow the release of WTO’s latest biannual monitoring report on trade measures.

Per a report, he added that high levels of trade restrictions are a major challenge.

It even becomes pressing, he noted, at a time when international trade and investment remain critical in the quest to rebuild economies, businesses and livelihoods worldwide.

COVID-19: WTO hails measures on trade policies; gives economic recovery tips

Roberto Azevêdo Source: Capital Finance International
Source: Original

Azevêdo indicated that some countries are going the extra mile with respect to the adoption of import-facilitating measures during a single monitoring period.

He further indicated that it signifies a reversal of trade-restrictive measures that were adopted in the early stages of the pandemic.

Meanwhile, the chief executive officer (CEO) of the McDan Group, Daniel McKorley, has opened up about some of the losses incurred due to COVID-19.

According to him, the company has lost over $4 million every month since the pandemic began.

He said his company, the McDan Group, has been one of the hardest-hit companies in the country.

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