Evolution of the international trading system and of international trade from a development perspective

Abstract

An economic and financial crisis of a scale and magnitude unprecedented in the post-war period has transformed the global economic landscape, disproportionately damaging developing countries. Global economic downturn and recession has undermined opportunities in many countries for jobs, growth, and economic and social well-being, seriously jeopardizing the achievement of the Millennium Development Goal (MDG) targets set for 2015. Countries now seek to make their economies and participation in international trade more resilient to external shocks by diversifying their economies and strengthening domestic demand, regulations and institutions, government’s role as an enabling state and global cooperative actions. Balanced, more sustainable growth strategies making better use of national policy space, including through unorthodox approaches, can be an important recipe for recovery. The international trading system needs to be rethought to deliver greater inclusiveness and equity on trade and development challenges affecting the real economy and human needs. United Nations TD/B/56/7