EXTRA: WTO: Emerging markets need more credit for trade
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Thu, 02 Jul 2009 14:05:37 GMT |
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Geneva - The global credit markets for trade facilitation are still tied up as larger economies pull their investments out of the developing world, creating shortages of the finance needed to carry out deals, according to a report by World Trade Organization Director-General Pascal Lamy. "Anecdotal evidence shows that the global market situation remains tense, with increased payment defaults and high costs of credit," Lamy said in his report to members of the WTO. At the last G20 summit, leaders pledged to increase the funds available to international institutions to lend out to countries in need of trade finance. "Financial protectionism," a term generally referring to policies which push banks to lend more domestically, was also hurting the funds available to developing and emerging markets.
Copyright DPA
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