GENEVA, Sept 24: The head of the World Trade Organisation said on Wednesday that protectionism is no solution to the global financial crisis and called yet again for a deal on the WTO’s moribund Doha round to spur growth.

“One of the important lessons of the Great Depression, which we must not forget, is that protectionism and economic isolationism do not work,” Lamy said at the opening of a WTO public forum here.

“There is no doubt therefore that the current hurricane that has hit financial markets must not dissuade the international community from pursuing greater economic integration and openness,” he added.

To this end, Lamy once again urged the WTO’s 153 member states to renew efforts to bring the Doha round of trade liberalisation talks to a successful conclusion, despite the failure of a July summit to bridge wide differences on industrial tariffs and agriculture subsidies.

“Despite the setback that Doha negotiations suffered last July, talks have once again been restarted with the aim of completing a deal on the parameters for tariff and subsidy reduction by the end of this year,” Lamy said.

Following the collapse of July’s meeting, lower-level trade talks were re-launched this month at the WTO’s headquarters in Geneva.—AFP