Overview

Financial and economic turmoil has shaken much of the world in the last few months, affecting most of Asia and Russia in particular, and presenting new challenges for many other countries. This crisis calls for a sense of collective responsibility, as urgently as at any other time in the post-war period. From the perspective of the global trading system, this means three things. First, it requires a clear and continuing commitment by governments to the multilateral trading system and a firm resolve to resist protectionism. Second, a fresh impetus toward trade liberalization would contribute to the resolution of the crisis and would send a positive signal to the markets. Third, renewed efforts to bring the countries outside the system, including Russia and China, into the World Trade Organization would help to complete the global economic architecture for which the need has been so strongly demonstrated.