Of world trade, up from about a quarter in the early 1970s. Have become much more important in world trade-they now account for one-third In some, incomes have risen dramatically. Most developing countries have shared in this prosperity The resulting integration of the world economy has raised living standardsĪround the world. Of the World Trade Organization to help administer the growing body of So-called "Uruguay Round" completed in 1994) led to the establishment Indeed, the last of these eight rounds (the Since 1947, when the General Agreement on TariffsĪnd Trade (GATT) was created, the world trading system has benefited fromĮight rounds of multilateral trade liberalization, as well as from unilateralĪnd regional liberalization. Past 20 years, the growth of world trade has averaged 6 percent To promote economic growth, development, and poverty reduction. Integration into the world economy has proven a powerful means for countries Would help the poorest escape from extreme poverty while also benefiting These areas particularly, by both industrial and developing countries, Remaining trade barriers in industrial countries are concentrated in theĪgricultural products and labor-intensive manufactures in which developingĬountries have a comparative advantage. Opportunities for economic development through trade, but many have not. Some developingĬountries have opened their own economies to take full advantage of the The growth in trade is in turn the result of both technologicalĭevelopments and concerted efforts to reduce trade barriers. Growth has been driven in part by the even faster rise in international Recent decades have seen rapid growth of the world economy. The Need for Further Liberalization of International International Trade and the World Economy Global Trade Liberalization and the Developing Countries
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