• UGI USER
  • Apr 11, 2024
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WORLD TRADE TO REBOUND IN 2024, GROW 2.6%: WTO

Why in the news?

Global trade is set to rebound in 2024, with increased consumption demand in advanced economies, despite lowered growth forecasts.

Source:eduprep

About Global Trade Outlook:

  • The World Trade Organisation (WTO) forecasts a rebound in global trade volumes in 2024.
  • Consumption demand is set to increase in advanced economies, driving growth after a challenging 2023 marked by a contraction in cross-border shipments.
  • WTO revises down its growth forecast for 2024 to 2.6% from the previous projection of 3.3%.
  • Factors contributing to the contraction in 2023, such as high energy prices and inflation, continue to impact trade dynamics.
About  World Trade Organization(WTO):

  • WTO established in 1995, replacing GATT, regulates global trade.
  • Sole international body for international trade.
  • HQ in Geneva, Switzerland.
  • 164 members; India a founding member.
  • Roberto Azevedo is the current Director-General.

Important Trades Agreements of WTO:

  • Agreement on Agriculture (AoA)
  • Agreement on TRIPS (Trade-Related Aspects of Intellectual Property Rights)
  • Agreement on Sanitary and Phytosanitary Measures (SPS)
  • Agreement on Technical Barriers to Trade (TBT)
  • Agreement on Trade-Related Investment Measures (TRIMS)
  • General Agreement on Trade in Services (GATS)

Source:

https://indianexpress.com/article/business/economy/world-trade-to-rebound-in-2024-grow-2-6-wto-9263222/#:~:text=The%20WTO%2C%20however%2C%20lowered%20its,2023%20are%20still%20being%20felt.