Pascal Lamy, Director General of WTO, foresees that “the cost to the world economy of high intensity protectionism would be in the order of $ 800 billion, the estimated value of space or “water” in WTO commitments today,” which would be very bad news. He called on members to “stand up for the values of multilateralism,” and for major players to “exercise leadership and to muster political courage to act together for greater trade opening and reform,” and to “place the interests and needs of developing countries and, in particular, those of the poorest, at its heart.” Read his full speech.

A 2008 IFPRI Issue Brief concluded that “there would be a potential loss of US$1,064 billion in world trade if world leaders were to fail to conclude the Doha Development Round of trade negotiations… and if countries were to implement subsequently protectionist policies… a worldwide resort to protectionism would contract world trade by US$728 billion”. Read publication details from The potential cost of a failed Doha Round.