• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home World

Geopolitical Tensions, Digital Revolution, Climate Change Reshape Development: WTO

OMMCOM NEWS by OMMCOM NEWS
September 10, 2024
in World
WHO

Geneva: Emerging global trends such as geopolitical tensions, digital revolution and climate change are reshaping the landscape of trade-led development, the World Trade Organization (WTO) has said in a flagship report.

In the 2024 edition of the “World Trade Report” released on Monday, the WTO estimated that global factors such as geopolitical tensions, regional conflicts and trade sanctions have impacted the stable foundation of world economic growth in the past 30 years, potentially leading to trade fragmentation.

On the other hand, the increased capital and skill intensity of modern manufacturing has reduced the scope for manufacturing-led growth in low-income economies. Meanwhile, climate change poses even greater challenges, particularly for these nations.

However, the report also emphasised new opportunities brought by these global trends. For instance, developing economies can lower trade costs through digitalisation, pivot toward service-led growth, or seize the demand for renewable resources in the global green transformation to achieve development.

The report presented strong evidence that trade has played a crucial role in narrowing income disparities among economies since the WTO was established 30 years ago, Xinhua news agency reported.

“Perhaps the biggest takeaway from the report is its reaffirmation of trade’s transformative role in reducing poverty and creating shared prosperity,” WTO Director General Ngozi Okonjo-Iweala said in her foreword to the report.

“But the second biggest takeaway is that there is much more we can do to make trade and the WTO work better for economies and people left behind during the past 30 years of globalisation,” she added.

The report noted that between 1996 and 2021, a high trade share of GDP was strongly linked to faster growth in low- and middle-income economies, helping them narrow the gap in GDP per capita with high-income economies.

The WTO highlighted the need for supportive domestic policies such as vocational training, unemployment benefits, education for a more skilled and mobile workforce, and competition policy to ensure consumers benefit from lower prices, as well as reliable infrastructure, and well-functioning financial markets.

It urged the reduction of trade costs, the bridging of the digital divide, and updates to the WTO rulebook to account for the increasing significance of trade in services, and digital and green sectors.

The report also calls for better coordination among international organizations, since this could help leverage synergies between trade policies and complementary policies, and boost inclusiveness across and within economies.

(IANS)

Tags: climate changeWorld Trade Organization (WTO)
ShareTweetSendSharePinShareSend
Previous Post

Koraput Flash Flood: Power Generation Halted At Machkund Hydroelectric Project

Next Post

Annual Bird Census Begins In Odisha’s Bhitarkanika National Park

Related Posts

World

Rajnath Singh Holds ‘Productive’ Talks With Australian PM Albanese, Defence Minister Marles

October 9, 2025
World

US Lawmaker Criticises Prez Trump’s Anti-India Measures, Calls For Strategic Engagement

October 9, 2025
World

In Historic Breakthrough Israel, Hamas Agree On First Phase Peace Deal; Hostages To Be Released

October 9, 2025
World

Trump’s Tariffs On India ‘Incredibly Unfortunate’, Says Congresswoman Kamlager-Dove

October 9, 2025
World

Trump Says Israel, Hamas Both Sign Off On ‘First Phase’ Of Gaza Peace Plan

October 9, 2025
World

Netanyahu Hails Trump For ‘Sacred Mission’ After Breakthrough Gaza Deal With Hamas

October 9, 2025
Next Post

Annual Bird Census Begins In Odisha’s Bhitarkanika National Park

European Commission to address Long Covid

Indian Army To Join Rescue Efforts In Andhra's Flood-Hit Kakinada

Khimji
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.