This archive report was first published on 5 August 2020.
As the world grapples with the COVID-19 pandemic, the World Trade Organization (WTO) has predicted a significant decline in global trade for 2020. According to the organization, trade is expected to shrink by 13% this year.
Speaking at a recent virtual conference in Brazil, outgoing Director-General Roberto Azevedo expressed concern over countries turning inward and concentrating production in a single location. He emphasized that this approach leaves them vulnerable to shocks and advised nations to diversify their sources of supply.
The WTO has been actively working to ease global tensions and coordinate responses to the pandemic. Director-General Azevedo, who has been at the helm since 2013, is set to step down in August, a year before the end of his term, which was originally scheduled to conclude in August 2021.
