WTO Chief calls for international coordinated action for global financial recovery

Saturday, November 20, 2010

NEW DELHI - The Director General of World Trade Organisation (WTO) Pascal Lamy has called for international coordinated policy action for a sustainable global economic recovery and creation of jobs.

Speaking at a seminar here on Friday, Lamy asserted that the measure would lead to reduction of global unbalances.

“For a sustainable global recovery there is a need for a coordinated policy action across the countries which will lead to a progressive reduction of these global unbalances and at the end of the day to a greater number of jobs,” said Lamy.

He further said India would create around seven million jobs this year from exports.

“Recent studies for India show that nearly 14 million jobs were created directly or indirectly as result of increased exports between 2003 and 2008. Further more, rough, back of the envelop calculations for India suggest that, on the basis of the average pre-crisis growth in real merchandise exports, an average of over seven million jobs may be created from exports this year,” said Lamy.

The WTO is the only international organisation that supervises and tries to liberalise international trade between nations. The body came into being on January 1, 1995 replacing the General Agreement on Tariffs and Trade (GATT). (ANI)

Filed under: Business

will not be displayed