South Korea on Tuesday suggested that the World Trade Organization (WTO) draw up "contingency guidelines" to brace for major events, such as the ongoing new coronavirus pandemic, that could put global trade under major strain.

South Korea's exports, which have been hit hard by the new coronavirus that has halted global supply chains, are not likely to rebound immediately in the post-pandemic era, as its key trade partners are raising their guard to protect their own industries, a report showed Wednesday.

The region will likely go back to its pre-COVID levels by Q1 2021.

The coronavirus pandemic has called into question several assumptions which have underpinned global trade for decades. By the time the dust settles, the world’s approach to trade could look quite different.

Vietnam's economy has suffered losses from COVID-19 but international organisations have forecast that the country is still one of the fastest growing in Southeast Asia.

The COVID-19 pandemic was basically under control in Việt Nam, so it was time to restart the local economy, said Prime Minister Nguyễn Xuân Phúc at a meeting with businesses on Saturday.

Many wood processing firms have managed to operate despite the COVID-19 pandemic and many have even chalked out measures to take advantage of the opportunities on offer when the pandemic is over.

Vietnam will make an all-out effort to remove difficulties facing Australian enterprises when exporting to Vietnam during the COVID-19 crisis, Minister of Industry and Trade Tran Tuan Anh told Australian Minister for Trade, Tourism and Investment Simon Birmingham during phone talks on the morning of May 8.

Transnational businesses are considering shifting their facilities, which is a challenge but also a good opportunity for Vietnam, and the country should prepare to welcome a wave of investment, Minister – Chairman of the Government Office Mai Tien Dung said on May 5.

The coronavirus crisis represents a major shock for the global and EU economies, with very severe socio-economic consequences. The European Commission foresees that the EU economy will experience a recession of historic proportions this year.