INSUBCONTINENT EXCLUSIVE:
war that has blown up this year have been modest so far, the World Trade Organization (WTO) said on Thursday.The WTO forecast world trade in
goods would grow by 3.9 per cent this year, less than the 4.4 per cent it forecast in April
Next year trade growth of 3.7 per cent is expected, a cut from the WTO's previous forecast of 4.0 per cent.The WTO said in a statement
that some of the downside risks it had warned of in April had now materialised
At the time, WTO Director-General Roberto Azevedo warned that the robust recovery in global trade, after a decade in the doldrums, could be
undermined by a tit-for-tat battle of trade restrictions."The direct economic effects of these measures have been modest to date but the
uncertainty they generate may already be having an impact through reduced investment spending," the WTO statement said."While trade growth
remains strong, this downgrade reflects the heightened tensions that we are seeing between major trading partners," the statement quoted Mr
Azevedo as saying."More than ever, it is critical for governments to work through their differences and show restraint
The WTO will continue to support those efforts and ensure that trade remains a driver of better living standards, growth and job creation
around the globe."Since the WTO's previous forecast, US President Donald Trump has launched a trade war by imposing tariffs on hundreds of
billions of dollars of imports from China, which has hit back with tariffs of its own, as well as taxing aluminium and steel imports from
