The 2023 World Trade Report:
The 2023 World Trade Report, published by the WTO, explores the role of international trade in building a more secure, inclusive, and sustainable world.
Key findings of the report:
- The report addresses the shift in the narrative around globalization.
- It emphasizes policy goals beyond trade efficiency, including peace, security, poverty reduction, and sustainability.
- The report advocates for “re-globalization,” expanding trade integration to more economies, people, and issues.
- Geopolitical tensions, the Ukraine conflict, and the rise of China have impacted global trade dynamics.
- The COVID-19 pandemic highlighted the importance of resilient supply chains.
- Reorientation of Trade Trade is gradually aligning along geopolitical lines.
- Trade flows within hypothetical geopolitical “blocs” are growing faster than those between them, indicating a shift towards friend-shoring.
- Despite challenges, bilateral trade between China and the United States reached record highs.
- International supply chains played a vital role in responding to supply shortages during the COVID-19 pandemic.
- Inclusiveness Trade integration has lifted millions out of poverty.
- Sustainability Trade can contribute to sustainability by providing access to green technologies.
