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WTO: Boosting Cooperation May Increase Global Output by 2.9%
According to estimates by the World Trade Organization, strengthening multilateral cooperation could increase global GDP by 2.9% and lead to a 17.9% rise in worldwide exports. In contrast, scenarios of geopolitical fragmentation or reliance on free trade agreements without collaboration among blocs could result in a decrease in output ranging from 5.1% to 6.9%, with exports dropping by as much as 26.9%. The report also showed that countries' accession to the WTO has boosted trade volume by 140%, with the share of low- and middle-income economies rising from 23% in 1995 to 45% in 2024. Additionally, digital trade and services now account for approximately 55% of global service exports. The report emphasized that the current challenge is to adapt trade rules to economic and geopolitical changes while maintaining effective cooperation and reducing the risks of fragmentation.
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