The world has grown together through decades of trade and economic ties, but further progress is at risk, according to a report from the World Trade Organization (WTO).
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“The post-1945 economic order was built on the idea that the interdependence of countries brings peace and shared prosperity through growing trade and economic ties,” writes WTO chief Ngozi Okonjo-Iweala in the world trade report published on Tuesday. “But the vision is at risk, as is the future of an open and predictable global economy.”
The WTO reported that geopolitical tensions were already affecting global trade. A model analysis shows that trade between geopolitical blocs grows more slowly than between countries within a bloc. Nevertheless, warnings about deglobalization are inappropriate. International trade is still thriving, be it in digital services, environmental products or international supply chains.
The global economic order is confronted with three major sets of challenges, the report continues: security and resilience, poverty and participation, and ecological sustainability. Open trade relations reduced the risk of conflict and have led to a significant reduction in poverty over the past 40 years.
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