The World Trade Organization (WTO) published its annual report on world trade on Tuesday 16 November. The authors of the report argue that “an open, inclusive and predictable business environment is necessary to promote diversification and contribute to economic resilience”.
The report seeks to show how international trade can be vulnerable in times of crisis such as the Covid-19 pandemic, but also how it can be a force for economic recovery. “Trade diversification can contribute to economic resilience by enabling countries to be less dependent on a limited number of importers, exporters and sectors”, the report says.
They argue that this potential can be increased through specific domestic policies and global cooperation on rules.
Furthermore, the report shows that economic shocks affect developing countries more than advanced economies.
See the report: https://bit.ly/3FqYsXQ (Original version in French by Léa Marchal)