The World Trade Organization’s World Trade Report 2024 highlights the significant role that trade has played in reducing income disparities among economies since the WTO’s inception 30 years ago. The report was launched in Geneva, Switzerland, during the 2024 WTO Public Forum and serves as an annual resource for understanding trade trends, policy issues, and the multilateral trading system.
This year’s report delves into the connections between trade and economic inclusiveness, emphasizing the need for trade policies to be supported by effective domestic strategies to ensure broader benefits from trade.
WTO Director-General Dr. Ngozi Okonjo-Iweala remarked that a key takeaway from the report is the affirmation of trade’s essential impact on alleviating poverty and fostering shared prosperity, which counters the prevailing belief that trade and institutions like the WTO have exacerbated inequality and harmed impoverished nations.
Dr. Okonjo-Iweala also noted that while progress has been made, there is still significant work to be done to make trade and the WTO more beneficial for those left behind during the last three decades of globalization.
The report presents evidence linking trade participation with reduced income inequality, while also exploring the barriers that have hindered individuals, businesses, and entire economies from benefiting fully from international trade.
These barriers include high trade costs that limit access to global markets and affordable resources, as well as obstacles such as mobility issues, information gaps, skill mismatches, and restricted financial access that prevent individuals from capitalizing on new opportunities.