WTO head: trade openness solution to financial crisis

Special Report: Boao Forum For Asia
2009

Special Report:Global Financial Crisis

BOAO, Hainan, April 18 (Xinhua) -- World
Trade Organization (WTO) Director General Pascal Lamy said here Saturday that
trade openness is the solution to the current global financial crisis.

Developed countries can inject money into their
banking systems to address the financial crisis, but developing ones have to
resort to trade, which requires openness, Lamy said as he attended a panel
discussion of "Doha Round: Leading Out of Crisis" at the Boao Forum for Asia in
China's southern island province of Hainan.

What the WTO needs to do is to have more trade
supervision against protectionism, he said.

"If you protect, your neighbors will probably do the
same," Lamy said, noting that what needs to be done is to push back
protectionism and push forward the Doha Round of trade talks.

Overall the financial crisis is an opportunity for
the completion of the Doha Round talks which the negotiators have finished
nearly 80 percent, he said.

The completion of Doha Round of trade talks will help
fight protectionism, Lamy said.

WTO's Doha Round of trade talks, which started in the
Qatari capital Doha in 2001, has stalled repeatedly mainly due to the splits
between developed and developing countries on key issues such as agricultural
subsidies, tariffs, liberalizing services and improving workers' rights.