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World Trade Report 2024 - Trade and inclusiveness: How to make trade work for allPublished in 2024
Over the past 30 years, the world has witnessed a period of income convergence, as the gap in income levels between economies has narrowed. Economic growth has improved living conditions for many people around the world but not all individuals and economies have benefited equally from the changes brought about by more open trade. This year’s Report explores the interlinkages of trade and inclusiveness across and within economies, discussing how trade policies need to be complemented by domestic policies to make the benefits of trade more inclusive.
The Report underlines that diversifying global value chains, reducing trade costs through digitalization, and transitioning to a low-carbon economy can create new opportunities for low- and middle-income economies. Furthermore, when trade policies are complemented by domestic measures, such as labour, education and competition policies, the gains from trade can more easily flow to workers and consumers. Enhanced WTO cooperation with other international organizations can magnify their combined action to increase inclusiveness across and within economies.
The Report underlines that diversifying global value chains, reducing trade costs through digitalization, and transitioning to a low-carbon economy can create new opportunities for low- and middle-income economies. Furthermore, when trade policies are complemented by domestic measures, such as labour, education and competition policies, the gains from trade can more easily flow to workers and consumers. Enhanced WTO cooperation with other international organizations can magnify their combined action to increase inclusiveness across and within economies.
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