Roberto Azevêdo, Director general of World Trade Organization resigns from the post one-year early.

Director general of World Trade Organization resigns from the post one-year early

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday.&nbsp; Roberto Azevêdo&nbsp;has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date.

He has been Director-General at the Geneva-based trade body since 2013 and was on a second term of office.

The heads of delegations of the WTO&nbsp;were called to a special meeting to be held at 4 p.m. (1400 GMT)&nbsp;to inform them about "pressing WTO administrative issues".

<a href="https://www.wionews.com/world/donald-trumps-approval-rating-dips-currently-trails-behind-biden-polls-298359">Also read:&nbsp;Donald Trump's approval rating dips, currently trails behind Biden: Polls</a>

It is being speculated that the decision has been made following the constant verbal attacks at the trade body by the US President Donald Trump's government. President Trump recently blamed it for allowing China to practise unfair trade.&nbsp;Last year too,the appellate body, the highest authority in the organisation’s dispute settlement process, ceased to function after the US blocked the appointment of new judges to replace two who retired.

There has been no news of Azevêdo replacement yet. It is believed that the process of finding a replacement for the chair might take more than few months, and could stretch out till next year.

The WTO has reserved any comments till the end of this meeting.

(With inputs from Reuters)

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday. Roberto Azevêdo has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date.

The head of the World Trade Organization (WTO) is expected to step down from his post on Thursday. Roberto Azevêdo has scheduled a meeting a virtual meeting on Thursday afternoon, to inform national members that he will be leaving his office in September, a year before the actual term end date. He has been Director-General at the Geneva-based trade body since 2013 and was on a second term of office. The heads of delegations of the WTO were called to a special meeting to be held at 4 p.m. (1400 GMT) to inform them about "pressing WTO administrative issues". Also read: Donald Trump's approval rating dips, currently trails behind Biden: Polls It is being speculated that the decision has been made following the constant verbal attacks at the trade body by the US President Donald Trump's government. President Trump recently blamed it for allowing China to practise unfair trade. Last year too,the appellate body, the highest authority in the organisation’s dispute settlement process, ceased to function after the US blocked the appointment of new judges to replace two who retired. There has been no news of Azevêdo replacement yet. It is believed that the process of finding a replacement for the chair might take more than few months, and could stretch out till next year. The WTO has reserved any comments till the end of this meeting. (With inputs from Reuters)

World Trade Organization Chief to resign in a virtual meeting

The World Trade Organization(WTO) chief Roberto Azevedo said today that the <a href="https://www.wionews.com/world/coronavirus-timeline-from-covid-19s-origin-to-spread-291354">coronavirus</a> could lead to the "deepest economic recession or downturn of our lifetimes" the world grapples with the virus.

<a href="https://www.wionews.com/world/spain-records-757-deaths-as-one-day-toll-rises-after-falling-for-four-straight-days-291358">Also Read: Spain records 757 deaths as one-day toll rises after falling for four straight days</a>

"We should aim to make the most of all potential drivers of sustainable growth to reverse this situation," the WTO chief said. The global trade body said that growth is expected to plummet by up to a third this year due to the pandemic sweeping the world.

"World trade is expected to fall by between 13 percent and 32 percent in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world," it said.

WTO said trade was already slowing since last year but now "is expected to register double-digit declines in trade volumes in nearly all regions this year".

"This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people's lives," Azevedo said, adding,"the unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself."

The virus has already claimed over 76,000 lives with Europe being the most affected after China where it originated in December last year. There are already 1,447,466 cases of infection worldwide with 399, 929 affected in the US- the highest in the world, followed by 146, 690 in Spain.

Over 17,000 people have died to COVID-19 in Italy which has been the worst affected country in the world after Spain where 14, 555 people have died so far. In France, over 10,000 people have died. In the United Kingdom, over 6,000 people have died with PM Johnson in ICU after being hit by the virus himself.&nbsp;

The World Trade Organization(WTO) chief Roberto Azevedo said today that the coronavirus could lead to the "deepest economic recession or downturn of our lifetimes" the world grapples with the virus.

The World Trade Organization(WTO) chief Roberto Azevedo said today that the coronavirus could lead to the "deepest economic recession or downturn of our lifetimes" the world grapples with the virus. Also Read: Spain records 757 deaths as one-day toll rises after falling for four straight days "We should aim to make the most of all potential drivers of sustainable growth to reverse this situation," the WTO chief said. The global trade body said that growth is expected to plummet by up to a third this year due to the pandemic sweeping the world. "World trade is expected to fall by between 13 percent and 32 percent in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world," it said. WTO said trade was already slowing since last year but now "is expected to register double-digit declines in trade volumes in nearly all regions this year". "This crisis is first and foremost a health crisis which has forced governments to take unprecedented measures to protect people's lives," Azevedo said, adding,"the unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself." The virus has already claimed over 76,000 lives with Europe being the most affected after China where it originated in December last year. There are already 1,447,466 cases of infection worldwide with 399, 929 affected in the US- the highest in the world, followed by 146, 690 in Spain. Over 17,000 people have died to COVID-19 in Italy which has been the worst affected country in the world after Spain where 14, 555 people have died so far. In France, over 10,000 people have died. In the United Kingdom, over 6,000 people have died with PM Johnson in ICU after being hit by the virus himself.

COVID-19 could lead to deepest economic recession of our lifetime: WTO

Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday, reported news agency Reuters.

WTO Director-General Roberto Azevedo launched the report and said blockchain, artificial intelligence, the internet of things, 3D printing and other breakthroughs would fundamentally change trade,&nbsp;

"This is structural, this is here to stay ... It is a revolution," Reuters reported him as saying in a conference at the WTO's headquarters in Geneva.

"Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage points more until 2030 as a result of the falling trade costs, amounting to a cumulated growth of 31 to 34 percentage points over 15 years," he wrote in his foreword to the WTO's World Trade Report 2018.

That compares with a fall in global trade costs of 15 per cent between 1996 and 2014, the report said.

Global e-commerce transactions were estimated to be worth $27.7 trillion in 2016, of which $23.9 trillion were business-to-business, the report said.

Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday, reported news agency Reuters.

Technology and innovation will increase global trade by 1.8-2.0 percentage points annually until 2030, the head of the World Trade Organization wrote in a report published on Wednesday, reported news agency Reuters. WTO Director-General Roberto Azevedo launched the report and said blockchain, artificial intelligence, the internet of things, 3D printing and other breakthroughs would fundamentally change trade, "This is structural, this is here to stay ... It is a revolution," Reuters reported him as saying in a conference at the WTO's headquarters in Geneva. "Notwithstanding the current trade tensions, we predict that trade could grow yearly by 1.8 to 2.0 percentage points more until 2030 as a result of the falling trade costs, amounting to a cumulated growth of 31 to 34 percentage points over 15 years," he wrote in his foreword to the WTO's World Trade Report 2018. That compares with a fall in global trade costs of 15 per cent between 1996 and 2014, the report said. Global e-commerce transactions were estimated to be worth $27.7 trillion in 2016, of which $23.9 trillion were business-to-business, the report said.

WTO sees tech adding one third to annual trade by 2030

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Director general of World Trade Organization resigns from the post one-year early

World Trade Organization Chief to resign in a virtual meeting

COVID-19 could lead to deepest economic recession of our lifetime: WTO

WTO sees tech adding one third to annual trade by 2030