The World Trade Organization’s (WTO) World Trade Report 2024 emphasizes the significant impact of trade in reducing income inequality among economies since the establishment of the WTO three decades ago. The report was officially launched in Geneva, Switzerland, during the 2024 WTO Public Forum.
This annual publication aims to enhance understanding of trade trends, trade policy challenges, and the multilateral trading system. The 2024 report focuses on the intricate relationships between trade and inclusiveness both across and within economies, while highlighting the need for trade policies to be supported by suitable domestic strategies to maximize the inclusivity of trade benefits.
WTO Director-General Dr. Ngozi Okonjo-Iweala noted in a meeting with journalists that a key message from the report is the affirmation of trade’s crucial role in alleviating poverty and fostering shared prosperity. This counters the prevailing view that trade and institutions like the WTO have negatively impacted poor countries and exacerbated inequality.
Dr. Okonjo-Iweala pointed out that there remains significant potential to enhance the effectiveness of trade and the WTO for those who have been left behind during 30 years of globalization. The report illustrates how international trade has made the global economy more inclusive, backed by data showing a strong connection between participation in trade and reduced income disparities.
Additionally, the report examines various obstacles that have prevented individuals, businesses, and nations from benefiting from and adapting to international trade. These challenges include high trade costs limiting access to foreign markets or affordable resources, mobility and information barriers, skills mismatches, and inadequate access to financing, which often hinder people from taking advantage of new opportunities.