imf chief urges more support for global trade
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

higher inequality in both developing and advanced

IMF chief urges more support for global trade

Arab Today, arab today

Arab Today, arab today IMF chief urges more support for global trade

IMF Managing Director Christine Lagarde
Washington - AFP

IMF Managing Director Christine Lagarde urged global leaders Wednesday not to reject international trade as policy shifts by Washington and London force resets on major global commercial treaties.

Lagarde admitted that the rapid lowering of trade barriers in recent decades had caused significant dislocation, including job losses, downward pressure on wages and higher inequality in both developing and advanced economies.

"The best policy response to all these challenges is not to turn our back on trade," Lagarde told a conference on globalization in Washington. 

"Instead, we need to redouble our efforts to create a more inclusive global trading system that works for all."

Speaking ahead of the annual International Monetary Fund and World Bank meetings on the global economy, Lagarde did not single out the views of any specific countries or leaders on trade.

But her remarks followed a year in which Britain acted to withdraw from the European Union and US President Donald Trump killed the nascent Trans Pacific Partnership treaty and ended talks on the ambitious Transatlantic Trade and Investment Partnership that were initiated by his predecessor Barack Obama.

Trump has also forced a renegotiation of the North American Free Trade Association with partners Mexico and Canada. A new round of talks on redoing NAFTA began Wednesday, with Washington pressing its partners for more benefits for US workers from the treaty.

Lagarde said that with stronger global economic growth, governments now have an opportunity to secure the benefits of international trade.

Globalization "has fostered a sharp decline in global income inequality -- that is inequality between countries," she said.

"Living standards have been boosted in all countries, including in advanced economies, where consumers and businesses are benefiting from lower prices and a greater variety of goods."

She conceded that there are "negative side-effects" with globalization, as local industries get hit from competition, with some social upheaval the result.

"Despite these challenges, citizens in emerging economies generally take a more favorable view of trade and its labor market impact," Lagarde said.

"Why? Because their incomes have been growing, even in the bottom deciles of the income distribution."

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf chief urges more support for global trade imf chief urges more support for global trade

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf chief urges more support for global trade imf chief urges more support for global trade

 



GMT 10:10 2017 Thursday ,09 February

3 Important Elements You Have to Consider

GMT 04:03 2017 Monday ,24 April

Bella Hadid ‘dying’ to visit Palestine

GMT 19:25 2016 Wednesday ,25 May

The Brooklyn Desk by Oeuf NYC

GMT 07:49 2018 Friday ,05 January

2 Russian servicemen killed

GMT 07:58 2018 Monday ,01 January

Italy orders N. Korea's envoy to leave

GMT 08:45 2017 Wednesday ,20 December

US military imagines war without GPS

GMT 17:26 2017 Sunday ,17 December

Putin thanks Trump for help in foiling attack plot

GMT 22:19 2017 Monday ,16 October

Cairo-hosted Fatwa conf. new contribution

GMT 02:27 2016 Friday ,10 June

Video hints Japan abetting illegal ivory trade

GMT 07:04 2017 Wednesday ,19 April

1,883 Bahrainis found jobs in March

GMT 14:24 2016 Tuesday ,22 November

Citi and JPMorgan top list of ‘globally banks’

GMT 21:43 2017 Friday ,01 September

People question Nazaruddin`s repatriation expenses

GMT 09:41 2017 Wednesday ,19 April

OIC concerned over violence in Mali

GMT 01:30 2017 Friday ,27 October

May22/Jun21

GMT 05:38 2016 Friday ,30 December

Dubai Airports divert 13 flights due to heavy fog

GMT 11:38 2017 Saturday ,14 January

Mexico names new ambassador to US

GMT 12:03 2017 Wednesday ,22 March

Kuwait to mark World Water Day

GMT 15:00 2017 Wednesday ,27 September

HM King receives invitation from Egyptian President

GMT 02:45 2017 Tuesday ,05 December

President Bashir arrives in Chad

GMT 02:45 2017 Wednesday ,16 August

Turkmen President Visits Pakistan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday