0:02 hello I'm hobby after severe the
0:03 director-general of the World Trade Organization
0:04 Organization
0:08 Kofi at 19 this new coronavirus
0:10 threatens lives of millions of people
0:13 around the world it also endangers their
0:15 livelihoods we're of course facing above
0:19 all a health crisis this pandemic will
0:22 inevitably have an enormous impact on
0:26 the economy on trade and consequently on
0:29 jobs and people's well-being as you can
0:32 tell I'm working from home just like
0:35 nearly everyone at the WTO but we're not
0:37 idle well working more than ever doing
0:40 our part to define an immediate global
0:43 response on trade matters a task force
0:46 under our economists Bob Koopman has
0:48 been formed to coordinate these efforts
0:51 and to work collaboratively with other
0:53 international organizations and WTO
0:57 members recent projections predict an
0:59 economic downturn and job losses that
1:01 are worse than those of the global
1:04 financial crisis a dozen years ago in a
1:07 few weeks the WTO will release our
1:09 regular trade forecasts and our
1:11 economists are still crunching the
1:14 numbers but they foresee a very sharp
1:15 decline in trade
1:19 there are however important steps we can
1:21 already take to limit the immediate
1:23 economic damage and to lay the
1:26 foundations for a long-term recovery a
1:29 strong and sustainable one governments
1:31 are introducing fiscal and monetary
1:33 stimulus and this is positive
1:36 coordinating efforts would increase our
1:38 collective recession fighting power
1:41 transparency and information sharing is
1:44 also a critical part of crisis response
1:47 at the WTO we have set up a dedicated
1:50 web page containing trade related
1:52 information linked to the pandemic and
1:54 there you will find information
1:57 including news and projections for
1:59 trading goods and services members
2:02 notifications of covet related trade
2:05 measures and also updates on WTO
2:09 activities this pandemic is a global
2:13 challenge so we need a global response
2:17 tre has an important role here so there
2:20 is this last message that I want to
2:22 leave with you no country is
2:25 self-sufficient no matter how powerful
2:29 or advanced it may be trade is what
2:32 allows for the efficient production and
2:34 supply of basic goods and services
2:37 medical supplies and equipment food and
2:39 energy that we all need
2:42 keeping trade open and investments
2:45 flowing will be critical to keep shelves
2:49 plentiful and prices affordable and once
2:50 the medical crisis begins to recede
2:53 trade will allow countries to help each
2:55 other bringing faster and stronger
2:59 economic recovery for us all of course
3:01 you must care for those that are close
3:05 to us for our communities but human
3:07 solidarity and international cooperation
3:11 must never be an afterthought history
3:15 will never forget or forgive if we fail
3:17 to support those that need it most
3:20 wherever they are the WTO will do its
3:22 part thank you for listening and take care
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