In its new report on the state of world trade, unveiled on Tuesday 12 September, the World Trade Organization (WTO) expresses concern that current trends in trade could jeopardise the proper functioning of the globalised market economy.
“Recent crises, such as the Covid-19 pandemic and the war in Ukraine, have fed into perceptions that globalisation exposes economies to excessive risks”, the report states. “Consequently, a trade-sceptic narrative has gained traction, suggesting that international trade is an obstacle to building a more secure, inclusive, and sustainable world”.
According to the data presented, the year 2022 saw a record number of trade concerns raised by Member States in relation to their national security (see EUROPE 13232/23). The WTO, through its chief economist, Ralph Ossa, was keen to point out the crucial links between “trade openness and access to technologies that are vital for combating climate change and improving the living conditions of people in the poorest countries”.
While the conclusion of the report calls for “more global trade and cooperation”, the World Trade Organization agrees that “globalisation needs to evolve in response to new challenges”, particularly technological and climatic ones.
Link to the report: https://aeur.eu/f/8ik (Original version in French by Isalia Stieffatre)