Trade a force for socio-economic transformation
7 May 2018 - by
International trade can help developing countries gain access to new markets and new investments, boosting growth, raising living standards and promoting sustainable development, according a newly released World Trade Organisation (WTO) publication “Mainstreaming trade to attain the SDGs (sustainable development goals)”.
“Trade has proved itself to be a powerful force for growth and development around the world; it played a crucial role in the early achievement of the Millennium Development Goal to halve the number of people living in extreme poverty,” said WTO director-general, Roberto Azevedo at the release of the publication.
“Now we are working to ensure that trade contributes again in meeting the SDGs,” he said.
It outlines how trade is contributing to progress in SDG target areas such as reducing poverty, improving health and tackling environmental degradation.
Governments are advised to embed trade policies into their national development plans to spread the benefits of trade more widely.
Recommended actions to lower the costs of world trade include implementing the WTO's Trade Facilitation Agreement, which establishes procedures for streamlining the flow of goods among WTO members.