La 2023 edition The World Trade Report from the World Trade Organization (WTO) examines the benefits of broader and more inclusive economic integration, as early signs of trade fragmentation threaten to slow growth and development. The WTO launched the publication at an online event on 12 September.
The publication titled “Reglobalization for a secure future” It raises concerns about the proliferation of measures to regionalise trade and critically examines the role of international trade in addressing some of the most pressing challenges of our time: maintaining peace and security, reducing poverty and inequality and achieving a sustainable economy.
In this regard, WTO Director General Ngozi Okonjo-Iweala said in the Foreword: “The post-1945 international economic order was built on the idea that interdependence among nations through greater trade and economic links would foster peace and shared prosperity. For most of the past 75 years, this idea guided policymakers and helped lay the foundation for an unprecedented era of growth, higher living standards and poverty reduction.” And he adds that “this vision is under threat, as is the future of an open and predictable global economy,” thus calling on the international community to strengthen the trading system.
The report shows that the global trade flows The report also found that the global economy has been resilient despite challenges in the trade policy landscape. The report provides an analysis of the current state of globalization and draws conclusions regarding the new discourse questioning international trade, saying that this is increasingly manifesting itself in geopolitical tensions that are beginning to affect trade flows, pointing towards the fragmentation of trade relations. The report shows that trade flows of goods between two hypothetical geopolitical blocs have grown 4 to 6 percent more slowly than trade within these blocs. It highlights that despite these findings, international trade continues to thrive, implying that the data do not yet support talk of deglobalization.
The report also shows that trade openness is strongly linked to a lower likelihood of conflict and has led to sharp declines in poverty for more than four decades. He notes that this could be helped by reducing trade costs through agreements such as the WTO Trade Facilitation Agreement. There are also opportunities for services-led growth, especially those delivered digitally, which can be supported through the WTO Agreements.
In addition, technological improvements facilitated by trade have had a strong impact on the reducing carbon emissions. This dissemination of technology is vital to an effective response to climate change, as many economies still lack technical expertise in this area. The report's arguments thus encourage re-globalisation in the favourable context of environmental sustainability.
The report concludes Clearly, today's world needs more trade and more cooperation, so "reglobalization" - understood as the renewed drive toward integrating more people, economies and environmental issues into world trade - is the most promising solution to these issues of fragmentation.
The World Trade Report is an annual publication that aims to deepen understanding of trade trends, trade policy issues and the multilateral trading system.Publication)
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
