WTO urges rule updates to reflect global economic shifts
The World Trade Organization has called for an overhaul of international trade rules to prevent a potential global fragmentation that could harm economic growth and significantly impact poorer nations. The report emphasizes that the current rules are no longer aligned with economic and political changes, with projections indicating a potential decrease in global GDP by up to 6.9% by 2050 in a scenario of breakdown in multilateral cooperation, compared to a possible 2.9% increase if cooperation is leveraged more effectively. Experts point out that the challenges include the distribution of economic power, government intervention, and digital transformation, with warnings of hefty costs should the global trading system disintegrate.
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