WASHINGTON, 30 September 2018 – “Reinvigorating Trade and Inclusive Growth”, a joint publication released today by the World Bank Group, International Monetary Fund, and the World Trade Organization reinforces the importance of trade in the global economy. The publication emphasizes that trade policies should aim to build greater, more durable openness and encourage countries to reinvest in open, rules-based global trade. In today’s world of fast-moving change in the global economy, there is a need more than ever to ensure that the rules, policies, and practices governing global trade are modernized.
Today’s global trade system has fostered unprecedented economic growth, boosted shared prosperity, and lowered poverty. This system currently faces challenges. Reinvigorating trade integration should be a key component of the global policy agenda to boost economic growth.
The publication offers insights into how trade benefits the poor, people in rural areas, micro, small, and medium-sized enterprises, and women. It also highlights that greater openness in key areas such as services trade and e-commerce can promote competition, lift productivity, and raise living standards.