July 22, 2009

SINGAPORE (Reuters) - World Trade Organization Director-General Pascal Lamy said on Wednesday that it is too early to see if measures to improve trade financing are working.
"Has it worked? A bit too soon to say," Lamy told a news conference in Singapore, referring to measures taken by the WTO and financial institutions to lift financing for exporters amid the global downturn.
Lamy was speaking after discussing trade together with ministers from the United States, China and other Asia Pacific Economic Cooperation (APEC) members meeting in Singapore.
The WTO said on Wednesday that world trade volumes will shrink 10 percent this year, though Lamy said Asia was leading a trade recovery.