In a recent interview with China’s state news agency, Xinhua, Roberto Azevedo, Director-General of the World Trade Organization (WTO), made some comments on the recent challenges faced by the global economy, in light of the US-China trade war.
Key Quotes:
“China has been an important supporter of multilateral collaboration.”
“Uncertainty is dragging down the economy because investors are not investing in projects, in enterprises, that are critical to keep the economy growing, and that kind of uncertainty needs to be scaled down
“There’s not a whole lot of room” now for most countries to use traditional tools in fiscal and monetary policies to stimulate the economy.
“Trade conflicts heighten uncertainty, which is leading some businesses to delay the productivity-enhancing investments that are essential to raising living standards.”
“I think what is left is making sure that the trade tensions diminish and that the uncertainties (are) reduced, and … the best way to do it is through more collaboration.”
“The more we can do to help diminish the trade tensions, the more we can do to reduce the level of uncertainties in the world, the better it will be for the global economy and for everybody else.”
Unilateral actions cannot be “the end of the game” of trade tensions, as solutions and agreements are the ultimate objectives.
“The longer we take to get there, the more the global economies would suffer.”
“There are no winners in this scenario.”
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