. /.   WORLD TRADE  
ORGANIZATION  WT/GC/W/604 
22 May 2009 
 (09-2491) 
General Council 
26-27 May 2009 Original:   English 
 
 
 
POSSIBLE FURTHER ACTION BY WTO MEMBERS IN RESPONSE  
TO THE FINANCIAL CRISIS 
 
Communication from Colombia, Costa Rica, Hong Kong China,  Malaysia, Mexico , 
New Zealand, Norway, Pakistan, Peru, Singapore, Switzerland, Turkey and Uruguay  
   The following communication, dated 20 May 2009, is being circulated at the request of the Delegation of Norway. 
 
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  The global economy is currently experiencing its  worst crisis since the Great Depression.  
World trade has become one of the victims of the do wnturn.  Uncertainty still prevails over its impact 
as well as predicting the future shape of the crisis. 
  By promoting open markets, non-discrimination and transparent trade rules, the multilateral trading system in the GATT/WTO has been conduc ive to improving the national welfare of all 
Members.  However, the current contraction of  the global economy and international trade risks 
sending this successful trend into reverse.  Growth in real global output is likely to fall by between 
one and two per cent this year, while world merchandise trade is forecast to contract by nine per cent. 
  This will adversely affect the economy of every WTO Member.    Therefore, we welcome the Declaration by the leaders of the Group of Twenty in London on 
2 April and call on all WTO Members to use their best efforts to minimise the negative aspects of 
necessary policy measures to overcome  the current crisis, and to make every effort  to resist 
protectionism and promote global trade.    One of the best shields against protectionist  tendencies will be the successful conclusion of 
the Doha Development Agenda.  We remain co mmitted to reaching an am bitious and balanced 
conclusion to the Doha Development Round, which is  urgently needed, by building on the progress 
already made, including with regard to modalities.    Furthermore, we are committed:  
 
• To refrain from raising new barriers to inv estment or to trade in goods and services, 
imposing new export restrictions, or impl ementing World Trade Organization (WTO) 
inconsistent measures to stimulate exports.  We extend this pledge to the end of 2010;  
 
• To minimize any negative impact on trade and investment of our domestic policy actions 
including fiscal policy and action in support of the financial sector.  We will not retreat WT/GC/W/604 
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  into financial protectionism, particularly measures that constrain worldwide capital flows, 
especially to developing countries;  
 
• To notify promptly the WTO Secretariat of any such measures and call on the Director-
General to continue to monitor and report pub licly on our adherence to these undertakings 
on a quarterly basis;  
 
• To take, at the same time, whatever steps we can to promote and facilitate trade and 
investment. 
  Recognizing that the current crisis has a di sproportionate impact on the vulnerable in the 
poorest countries and that we have a collective responsib ility to mitigate the social impact of the crisis 
in order to minimize long-lasting damage to global potential, we also reaffirm commitments made on 
Aid for Trade and call upon all the donors involved to  commit expeditiously to the disbursement of 
funds earmarked for Aid for Trade.    We trust that other WTO Members see the urgent  need to resist resorting to protectionist 
measures and would want to associate themselves with  these commitments, as well as to join forces in 
order to develop complementary initiatives to this ef fect together with the WTO Members ready to do 
so.   
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