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Trade will grow more than expected worldwide in 2010: WTO chief

09-21-2010 08:42 BJT

UNITED NATIONS, Sept. 20 (Xinhua) -- Trade is estimated to grow internationally by 13.5 percent in 2010, a larger increase than previously expected, Pascal Lamy, director-general of the World Trade Organization (WTO) told reporters here Monday.

The earlier estimate by the WTO, made in March, only projected trade volume growing by 10 percent, said Lamy, who is here to attend the UN high-level meeting on the Millennium Development Goals (MDGs), which opened here Monday.

Lamy said that one major reason for this growth is that trade protectionism has not become prevalent in the aftermath of the global economic crisis, a reality that he said is "contrary to many expectations."

"As demand picks up, supply picks up, trade picks up," Lamy said. "The reason for that is that there is no significant constraint to trade growing back to the volume it had before the crisis."

This increase in trade flow is a welcome announcement after 2009, when exports decreased worldwide by 12.2 percent. According to the WTO, the 13.5 percent increase is the largest year-on-year growth of trade volume reported since 1950, but must be seen in the context of the previous year's very low numbers.

Lamy added that developing countries are experiencing higher trade growth this year at 17 percent while developed countries will have trade increases of 11 percent.

"A large part of this volume growth is south-south trade, and the dynamism of south-south trade is certainly a pattern that this crisis has revealed much more clearly than before," he said.

Editor:Li yang |Source: Xinhua

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