Global trade system could be harmed without action

Severe damage could be done to the multilateral trading system unless political steps are taken to solve a "serious" crisis in global trade, Roberto Azevedo, director-general of the World Trade Organisation, said on Wednesday.

"Without action to ease tensions and recommit to cooperation in trade, we could see serious harm done to the multilateral trading system. And ... the long term economic consequences of this could be severe," Azevedo said in remarks to a dinner in London, without referring directly to the United States and China which have been involved in an escalating trade dispute.