World Trade Organization Message on Covid-19

World Trade Organization Message on Covid-19
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World Trade Organization Message on Covid-19
The World Trade Organization oversees and regulates global trade. Global trade is vital because no country is self-sufficient regardless of how developed or powerful it is. Countries depend on each other for the exchange of goods, services, and investments. Therefore, since the onset of Covid-19, the WTO is among the global bodies whose functions have suffered significantly. The video discussed in the paper is a message from Roberto Azevedo, the immediate former director-general of WTO.
Video Summary
Azevedo says that Covid-19 is a threat to both lives and livelihoods of millions of people around the world. As a health crisis, the pandemic will significantly impact the economy, leading to a deterioration in trade, a downturn in the economy, and subsequent job losses. He asserts that he and other trade organizations are working in isolation from home as a result of the pandemic. However, this does not mean that working from home should lead to idleness. Instead, it should result in efforts towards an immediate global response. Such a response should include steps to limit immediate economic damage and lay the foundation for long-term recovery, resilience, and sustainability. Some of the steps towards this end include the fiscal and monetary stimulus by governments, coordinated global efforts, and information sharing transparency. In essence, the pandemic is a global crisis, and therefore, it requires a global response because no person is safe if the neighbor is infected.
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