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WTO calls for multilateral trade cooperation
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SME Times News Bureau | 17 Nov, 2021
The World Trade Organization (WTO) published the 2021
edition of World Trade Report, calling for more multilateral and
regional trade cooperation after analyzing vulnerabilities and
resilience in the global trading system amid the pandemic.
"While
the WTO already contributes to economic resilience in important ways,
it can and must do more, as we confront a future of increasing natural
and man-made risks and disasters," WTO Director-General Ngozi
Okonjo-Iweala said on Tuesday in her foreword to the report titled
"Economic resilience and trade."
"Today's highly connected global
economy is more exposed to risks and vulnerable to shocks, from supply
chain cut-offs to infectious disease outbreaks, but that it is also more
resilient to shocks when they do strike," she said, Xinhua news agency
reported.
The report emphasized that multilateral and regional trade cooperation is conducive to the global response to future crises.
Noting
that the ongoing health and economic crisis caused by the COVID-19
pandemic has been a massive stress test for the world trading system,
the report said the system has proved itself more resilient than many
expected at the outset of the crisis, and many economies have gradually
begun to recover.
More trade cooperation at the multilateral or
regional level, backed by strong international trade rules, can support
the various domestic strategies deployed to avoid and mitigate risks and
to prepare for, manage and recover from shocks, the report said.
The
World Trade Report is an annual publication that aims to deepen
understanding about trends in trade, trade policy issues and the
multilateral trading system.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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