WTO Says Global Trade Growth Falling Amid Tariffs Disputes

MOSCOW (Sputnik) - The World Trade Organization (WTO) stated Thursday that it had revised downwards its outlook for global trade growth to 3.9 percent in 2018 and 3.7 percent in 2019, compared to previously forecast 4.4 and 4.0 percent respectively.

"Trade will continue to expand but at a more moderate pace than previously forecast. The WTO anticipates growth in merchandise trade volume of 3.9% in 2018, with trade expansion slowing further to 3.7% in 2019," the WTO announced in a press release.

The organization noted that it had decided to downgrade its outlook for global trade as "some of the downside risks identified in the April press release have since materialized, most notably a rise in actual and proposed trade measures targeting a variety of exports from large economies."

READ MORE: WTO to Look at China Bid to Target $7Bln Worth of US Imports — Source

On September 26, media reports stated that US Trade Representative Robert Lighthizer in a joint statement with his European Union and Japanese counterparts agreed during a meeting in New York City that the reform of the WTO was required. 

The statement was made following US President Donald Trump's announcement earlier this week that the world trading system needed to be immediately reformed. In addition, Trump accused several World Trade Organization members of breaching every principle on which the organization was founded.