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World trade is likely to post a growth of just 1.7 per cent in 2016, the lowest since the financial crisis, World Trade Organisation Director-General Roberto Azevedo has said.
In 2017, growth could be in the range of 1.8 per cent to 3.1 per cent, but there were a lot of risks attached, Azevedo said addressing the industry and policy makers in New Delhi on Thursday. The event was organised by CII.
On India's quest for a permanent solution to the problem of food procurement subsidies at the next WTO Ministerial Meet in Buenos Aires, the DG said a pact could be reached only when the G33 group of developing countries, including India, revises its proposal.
The DG further said India has to get other members interested in its proposal for trade facilitation in services to make it gain traction.
Issues such as investments and e-commerce would be discussed at the WTO, but whether they are discussed amongst a small group or entire membership depended on the interest the discussions generated.
Not mentioning any particular country, the DG said countries have to realise that jobs are not lost because of trade rules but due to advanced technology.
"Eight out of ten jobs are lost because of technology advancement and not due to faulty trade rules," he said.
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