Trade and inclusiveness: How to make trade work for all
03 October 2024 10:30 am CEST
Ralph Ossa, Chief Economist and Director, Economic Research and Statistics Division, World Trade Organization (WTO)
Venue
Wiener Institut für Internationale Wirtschaftsvergleiche (wiiw)
Rahlgasse 3
1060 Vienna
Library, second floor
Description
Making trade more inclusive is a key priority for WTO members. Their shared goal is to ensure that trade benefits more economies and more people, building on the vision articulated in the preamble of the WTO's founding Marrakesh Agreement. The 30th anniversary of this agreement provides a natural opportunity to review past progress, assess current trends and identify the path forward towards making trade work for all.
This is precisely the focus of the World Trade Report 2024, which was launched on 10 September. The report seeks to answer three key questions: How can we make trade work for more economies? How can we make trade work for more people? And how can the WTO better support these goals? The report reaches three main conclusions. First, trade has a strong track record as a driver of inclusiveness. Second, despite this success, too many economies and people remain left behind. Third, bridging this gap requires a comprehensive strategy — one that integrates open trade with complementary domestic policies and fosters greater international cooperation.
Ralph Ossa is Chief Economist and Director of the Economic Research and Statistics Division at the World Trade Organization. He joined the World Trade Organization after a distinguished career in academia with appointments at Princeton University, the University of Chicago, and the University of Zurich. Professor Ossa's research focuses on international economics with a particular emphasis on questions of policy relevance. For example, he has explored the economics of trade wars and trade talks and estimated how much countries gain from international trade. He holds a PhD in economics from the London School of Economics.