WTO urges global trade reform to avoid fragmentation
The World Trade Organization warned that failing to reform global trade rules could reduce world GDP by up to 6.9 percent. The trade body urged members to resolve differences and avoid economic fragmentation.
The World Trade Organization warned Tuesday morning that the global trade system faces fragmentation, which could cut global economic output by 5.1%. The Geneva-based trade body released its annual report citing rising protectionism and geopolitical tensions among major powers. Poorer economies face the steepest losses if multilateral rules collapse, according to the report.
