WTO REPORT 2023 (Syllabus: GS Paper 3– Economy)

News-CRUX-10     16th September 2023        

Context: The onset of the Ukraine war has started fragmenting world trade as per the recent World Trade Report 2023.

World Trade Report 2023

  • Launched: September 2023.
  • Published by: WTO
  • Objective: Extend beyond merely enhancing trade efficiency, encompassing peace, security, poverty alleviation, and sustainability.

oIt presents insights into how re-globalization, characterized by heightened international cooperation and expanded integration, can bolster security, inclusivity, and environmental sustainability.

Highlights of Report

  • Addressing the Narrative Shift: The report delves into the changing narrative surrounding globalization.
  • Broadened Policy Goals: It highlights the importance of policy objectives that extend beyond trade efficiency, encompassing aspects like peace, security, poverty alleviation, and sustainability.
  • Re-globalization Focus: The report promotes the concept of "re-globalization," which seeks to expand trade integration to involve more economies, and people, and address a broader array of issues.
  • Impact of Geopolitical Tensions: The report discusses how geopolitical tensions, exemplified by the Ukraine conflict and the ascendancy of China, have had repercussions on global trade dynamics.
  • Resilient Supply Chains: It underscores the significance of resilient supply chains, especially underscored during the COVID-19 pandemic.

World Trade Organization (WTO) 

  • About: It is the only global international organization dealing with international Trade between nations.
  • Set up: In 1995 by replacing the General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement.
  • Headquarters: Geneva, Switzerland.
  • Members: 164 members and India is a founding member of WTO.