World Trade Organization (WTO) Director-General Pascal Lamy said here on Wednesday that Asian economies may be leading the new expansion of world trade.
Speaking at the launch of the World Trade Report 2009 on the sidelines of the Ministers Responsible for Trade Meeting of APEC 2009, Lamy said that the WTO estimates that Asia is starting to see a rebound in trade from the very low figures in the first quarter of the year.
"These figures show that Asian economies may be leading the new expansion of world trade," he said.
Lamy also noted the importance to combat protectionism. He said the current crisis was not caused by trade policy, but protectionist trade policy played a significant role in deepening and prolonging the economic downturn.
He said that there has been an increase in restrictive trade measures since the onset of the crisis, hence there is no room for complacency.
"I do not think we are in a situation where we need to cry wolf, but we need to remain vigilant and open with one another," he said.
The two-day Ministers Responsible for Trade Meeting, which kicked off here on Tuesday, is the first Ministerial Meeting of APEC 2009 chaired by Singapore. Trade ministers from 21 APEC economies are here to discuss policy responses to the economic crisis as well as preparing for recovery in the longer-term./.