September 30, 2022

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WTO Recommendations to Strengthen World Trade | International

World Trade Organization, WTO, Analyzed the global value chain, from production to transformation of services and other intangible assets, to digitalization and transformation after the epidemic.

According to the report, global value chains have played a key role in supporting the economic recovery They are formed.

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It further notes that there has been no widespread displacement of production in response to the epidemic and that, after the initial disruptions, there has been a slowdown in addressing the demand for essential food and medical supplies.

As the COVID-19 recedes, global value chains will undoubtedly have a major impact on the coming recovery. This recovery should be used to revive the business system that will improve and serve the lives of allWTO Director-General Enkoshi Okonjo-Ivela said.

“The path to resistance requires strong cooperation, not isolation and protectionism,” he said.

If you think the solution is to take your economy out of an interconnected world, think again. The high-connected economy makes us more vulnerable to the risks of shocks, but in fact also offers greater resistance when they occur.“, He said.

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Access to the Covit-19 vaccine remains inconsistent In the world and this is weakening the global economic recovery. “In these chains, understanding where value is created and how it is shared among its actors is important to ensure that everyone has a fair share in the profits of the business,” said Masatsuku Askawa, President of the Asian Development Bank.

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Beyond manufacturing, The idea is that countries diversify their export baskets with exotic materials, Such as services and intellectual property. These products are an opportunity for developing countries to play a more active role in world trade and boost economic growth.

Among the WTO recommendations, Governments should consider greater investment in sectors such as digital infrastructure Labor training to make the chains more effective and resilient not only to epidemics but also to geopolitical, environmental and cyber hazards.