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WTO Report: Multilateral and regional trade cooperation is beneficial to the world to deal with future crisis

  Xinhua News Agency, November 16 (Reporter Chen Binjie) Headquartered World Trade Organization in Geneva, Switzerland issued the "2021 World Trade Report" on the 16th.

The report explores the global trading system in the face of the vulnerability and toughness of the crisis, emphasizing multilateral and regional trade cooperation facilitates global response to the future crisis. In the report, the WTO said that the WTO needs more contribution to enhanced economic toughness, as the future natural and human risk and disaster are increasing. Improved trade measures transparency and predictability, which helps decision makers and enterprises make infant decisions. The report believes that the global economy characterized by deep trade is more susceptible to the impact, but also more toughness during the impact. Those policies that try to enhance economic toughness by destroying trade integration, such as encouraging production reflow and self-sufficiency, and its effect is often counterproductive, and more regional and multilateral cooperation is conducive to enhancing economic toughness. The report pointed out that the health and economic crisis caused by the new crown epidemic is a large-scale pressure test for the World Trade System, causing an unprecedented impact on the global supply chain.

However, the world trading system is more tough, and the supply chain is expected to adapt, and the goods, including important medical materials, will continue to recover, many economies. The report believes that under the support of the strong international trade rules, more trade cooperation is carried out in the multilateral or regional level, which is beneficial to avoid and relieve risks, and effectively respond to the impact.