WTO forms task force to study impact of financial crisis

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LONDON, Oct 15 (PTI): World Trade Organisation (WTO) yesterday said it has set up a special 'task force' to study the impact of financial crisis on its different areas of work and asked member nations to be ready for 'necessary' actions as and when required.
Speaking at General Council of WTO yesterday at Geneva, its Director General Pascal Lamy said he had "constituted a task force within the secretariat to follow up effects of financial crisis on our different areas of work".
Lamy said the WTO members should keep the situation under review, and be ready to act as and when necessary.
In the last meeting of the General Council in July, Lamy had said that WTO's role has gained further importance and urgency in the sombre backdrop of the global financial crisis, which has given added importance and urgency to our work.
At Tuesday's meeting, Lamy said he had previously suggested that the financial crisis might also have a direct impact on developing countries' access to financing of imports and exports.
"As everyone is aware, we have held a number of meetings on this issue at WTO with both multilateral institutions and private banks, the last one in April this year, to check availability of trade financing at affordable rates," Lamy added.
"Given the deterioration of financial landscape, and despite the welcome announcement last week by the World Bank International Finance Corporation of an increase in its trade financing programme by USD 500 million, I have reconvened major providers of trade finance to a meeting on November 12 to examine this issue and find ways to alleviate the situation if it was to deteriorate.
"One-third of the world economy, mainly in emerging countries, still has a big growth potential and we must try and make sure that this engine can work through trade.