The World Trade Organisation said Monday that open trade alone was not enough to reduce inequalities between wealthy and developing nations and more was needed to help poorer countries.
The WTO’s 2024 report on global trade looked at the role that commerce has played to narrow the gap between economies since its creation in 1995.
“Perhaps the biggest takeaway from the report is its reaffirmation of trade’s transformative role in reducing poverty and creating shared prosperity,” WTO Director-General Ngozi Okonjo-Iweala said in the foreword.
This conclusion, she added, runs “contrary to the currently fashionable notion that trade, and institutions like the WTO, have not been good for poverty or for poor countries, and are creating a more unequal world”.
“But the second biggest takeaway is that there is much more we can do to make trade and the WTO work better for economies and people…
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