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“We’re concerned about the severe disruptions to value chains in many sectors – with major implications for employment and the supply of goods, especially essential medical and food supplies,” they said in a joint statement.
The heads of WTO and ICC said business can play a key role in signalling where trade flows and production chains are being affected, helping to identify solutions that maximise health outcomes while minimising economic damage.
“It’s increasingly clear that the economic downturn caused by the pandemic will necessitate a significant rebuild of domestic policies – and of international cooperation,” they said. “Ongoing efforts to improve and strengthen the global trading system, including the WTO, must therefore continue.”
The two leaders welcomed governments’ efforts “to mitigate the pandemic’s effects on jobs and growth, and lay the foundations for a strong and inclusive recovery.”
To generate “constructive recommendations to governments on trade policy measures that can be readily deployed to speed the response to the COVID-19 pandemic in the immediate and mid-term”, they said the ICC would host a “virtual business roundtable” organised with its partners, as well as with support from the WTO.