WTO complains about the growth of protectionism

Recently, protectionist sentiments have increased significantly in the global economy, which are harmful to the interests of free trade, said the CEO of the WTO Pascal Lami in Davos. According to him, in the coming year, serious efforts will be required to fight protectionism, which only increases nervousness in the global economy, which is already suffering from the growth of unemployment and other negative factors, the Banka.Ru portal reports.

At the same time, Lami also told about his attitude to the development of world trade in the context of the European debt crisis and the threat of its spread around the world. According to the head of the trading organization, banking regulators, whether it is the US Federal Reserve or the European Central Bank, are required to protect stability in the financial sector. Lami noted that with the spread of the debt crisis, banks began to increase capital reserves, limiting operational activities in a number of key segments of their business.

Thus, the volume of trade financing has been significantly reduced, which plays a crucial role in all world trade. Lami warned that further outflow of funds from the market of trade financing risks undermining trading in the world economy. Nevertheless, the head of the WTO urged not to thicken the colors too much. "Some large banks leave the market, but other financial organizations come to it. So in general the situation is still normal," Lami said.

But still, he emphasized, small representatives of world trade in a number of small states, which still play an important role, experience a negative impact of capital outflow. In order to prevent them from falling out of world trade, the WTO is already negotiating the support of a number of largest international organizations, including the WB, concluded Lami.