April 24, 2024

Thirty years of trade growth and poverty reduction

Since the signing of the Marrakesh Agreement Establishing the World Trade Organization on 15 April 1994, global trade has surged, reaching over US$ 30.4 trillion in 2023, a fivefold increase since 1995. At the same time, tariffs have declined markedly under the WTO, helping to reduce trade costs. This growth in trade has coincided with a significant decrease in poverty worldwide, indicating the impact of trade on supporting economic development and improving people’s lives.

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