Re-globalisation more promising than fragmentation: WTO

Re-globalisation more promising than fragmentation: WTO

Geneva, Sep 13: Re-globalisation, which means increased international cooperation and broader integration, can support security, inclusiveness and environmental sustainability, the World Trade Organisation (WTO) said in a flagship report published on Tuesday.

In the 2023 edition of the "World Trade Report", the trade organisation presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.

"The post-1945 international economic order was built on the idea that interdependence among nations through increased trade and economic ties would foster peace and shared prosperity. For most of the past 75 years, this idea guided policymakers, and helped lay the foundation for an unprecedented era of growth, higher living standards and poverty reduction," WTO Director General Ngozi Okonjo-Iweala said in her foreword to the report, Xinhua news agency reported.

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