World Bank Group Statement on Open Trade

Development – Global Trade

World Bank Group Statement on Open Trade
WASHINGTON, March 17, 2018 — The World Bank Group today issued the following statement on open trade:

“One billion people have moved out of poverty through economic growth underpinned by open trade.

“Trade is an engine of growth that creates jobs, reduces poverty and increases economic opportunity. After a protracted period of low growth, the global economy saw trade volumes grow by 4.3% in 2017, the fastest rate in 6 years. Trade has made a significant contribution to growing GDP in many countries, where companies are trading goods across borders, and people are able to access goods and services at lower prices. Moving away from an open, rules-based, predictable, international trading system will slow growth, stifle innovation, and limit economic opportunity. Trade is not a zero-sum game. We hope that governments continue to engage in cooperative commercial exchanges that create opportunities for their people and work together to resolve trade disputes.

“It is true however that not everyone has shared fully in the benefits of trade and globalization. Research shows that trade has resulted in job losses in certain regions and industries. Technology has created faster and deeper changes for workers. We need to acknowledge these trends and promote policies that help all people benefit from the opportunities that come with trade and technological change.”