Geneva, March 26 (IANS) Seeing a very sharp decline in global trade, Roberto Azevedo, director-general of the World Trade Organization (WTO), has said a global solution is needed to address the global challenge brought about by the COVID-19 pandemic.
In a video message posted by the WTO on Wednesday, Azevedo admitted that "this pandemic will inevitably have an enormous impact on the economy, trade, and consequently on jobs and people's well-being", Xinhua reported.
Recalling recent projections on an economic downturn and job losses that are worse than those of the global financial crisis a dozen years ago, Azevedo said WTO would release its trade forecast in a few weeks.
He warned that economists would inevitably foresee "a very sharp decline in trade".
"Trade is what allows for the efficient production and supply of basic goods and services, medical supplies and equipment, food and energy that we all need", he continued, "keeping trade open and investments flowing will be critical to keep shelves plentiful and prices affordable."
He underlined that a global response is needed to tackle a global challenge of this pandemic, saying "no country is self-sufficient, no matter how powerful or advanced, it may be."
In a press release, Azevedo stressed the importance of transparency with regard to trade-related measures, arguing that it would be particularly useful for many countries that rely on imports for medical supplies.
He set up a task force of experts to monitor the impact of COVID-19 on trade flows and the overall global economy.
New Delhi, Jan 24 (IANS) The Northern India Textile Mills' Association (NITMA) has urged the government to raise customs duty on man-made yarns to 10 per cent in the upcoming Union Budget.
The customs duty on man-made yarn is currently at 5 per cent.
According to the industry body, monthly average imports of Virgin Polyester Spun Yarn have increased manifold from 2015 to 2020. Imports from Vietnam alone have increased over 100 times, as per NITMA.
Sanjay Garg, President of NITMA said that representations regarding the import concerns have been sent to the ministries of finance and textiles.
He noted that the man-made yarn sector is one of the largest employment-generating segments within the textile industry and is highly capital and labour-intensive industry as well.
Garg was of the view that the unreasonably low-priced imports of man-made yarn into India have been causing considerable amount of injury to domestic manufacturers for around the last five years.
In a statement, NITMA said that the surge in imports may damage the domestic man-made fibre (MMF) industry and may lead to non-performing assets and closure of units along with huge employment loss.
"As a recapitulation, he (Garg) humbly appealed to the Ministry of Finance and Ministry of Textiles to consider increasing the customs duty on man-made yarn from its present level of 5 per cent to 10 per cent immediately in the ensuing Union Budget for the growth and expansion of domestic MMF industry and to prevent mass level loss of employment," the statement said.