WTO flags rising rifts in global trade
world economy. It argues a renewed drive towards integration - "re-globalization" - is the way to tackle current problems of security, poverty and climate change.
WTO also touched upon growing skepticism about progress of globalization. Discussions about the stagnation, or even decline, of the role played by international trade in the global economy pointed towards the rise in new industrial strategies, limits to global supply chains expansion as well as rising geopolitical tensions, WTO said.
Trade strategies to re-shore manufacturing production would lead to an overall decline in the importance of trade in the global economy. “Other strategies such as bringing production closer to large markets (near-shoring) or strengthening production networks with like-minded countries (friend shoring) would lead to fragmentation of the global economy along regional and geopolitical lines," it added.
. Read more on livemint.com
