WTO Calls for Greater Economic Integration in 2023 Trade Report
The World Trade Organization touted new evidence of how "more inclusive [economic] integration" can benefit the friction points of security interests, inclusiveness and environmental policies in the face of early signs of global trade fragmentation. In its World Trade Report 2023, released Sept. 12, the WTO focuses on globalization and how, despite current challenges, international trade is thriving and stands as a solution to many global issues.
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The report addresses "three major challenges" facing the global landscape: "security and resilience, poverty and inclusiveness, and environmental sustainability." It also includes chapters on how global trade has been reshaped, the "impact of security concerns on trade," and "re-globalization" efforts to reduce poverty and to promote environmental sustainability. It defines re-globalization as "integrating more people, economies and pressing issues into world trade."
The findings show "today’s world needs more trade and more cooperation, not less," the report said. "The major issues that policymakers are facing the world over -- from security to inclusiveness to climate change -- transcend nation states. Pandemics, conflicts and [greenhouse gas] emissions do not stop at borders. Spillovers from domestic choices and policies are much larger than they used to be. Therefore, solutions cannot be found unilaterally, in isolation of the actions of others."