International trade

With demand in many developed countries still low, and growth faltering in developing countries, 2013 has seen a further slowdown in trade. There is some improvement expected in the forecast period, with demand rising in developed economies and activity recovering in developing countries. Trade balances are expected to remain virtually the same between now and then. Trade in services has fared somewhat better than goods, particularly exports from developing countries. There has been some progress on multilateral trade, with a limited agreement reached on 7 December 2013 at the World Trade Organization (WTO) Ninth Ministerial Conference, held in Bali. Significant developments are also possible in the area of large regional trade agreements (RTAs), which have the potential to cover a majority of world trade if they are approved. For the moment trade is being driven by larger macroeconomic trends as opposed to changes in policy; this may shift in the medium term.

Related Subject(s): Economic and Social Development