Unilateral carbon, digital measures create trade tensions: WTO
low-carbon transition can create potential distortions and trade tensions, the World Trade Organization (WTO) has said.
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In its World Trade Report 2024, it cautioned that fragmentation or the unwinding of trading relationships and the recourse to unilateral, rather than multilateral, policies – presents a “major risk to progress in reducing poverty and inequality and particularly affects vulnerable groups, such as low-income households, women and MSMEs”.
“Without international trade agreements, large economies might be tempted to raise tariffs unilaterally, reducing the price of their imports at the expense of their trading partners,” the WTO said in its report released Monday.
Highlighting that trade measures taken unilaterally by importing economies to raise labour standards in exporting economies have the potential to create trade tensions, it emphasised on strengthening the WTO’s deliberative and monitoring functions to ensure more inclusive trade.
It also said that low-income economies stand to benefit from improvements in investment facilitation as set out in the plurilateral Investment Facilitation for Development (IFD) Agreement, something that India has opposed as it is outside the ambit of the global trade watchdog. More than 120 WTO members have supported the China-led IFD pact.
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