In 2024, China and India surpassed global trade norms, driven by developing economies and robust services trade. Despite record expansion, the UN Trade and Development warns of rising protectionism and emerging trade imbalances. As geopolitical tensions and shifting policies threaten stability, balanced policies and global cooperation are crucial for maintaining long-term growth and preventing economic fragmentation.
China and India outperformed global trade averages in 2024, UN Trade and Development (UNCTAD) said in its Global Trade Update Friday. It said that trends like the widening deficits of the US and EU with China along with India’s rising deficit with Russia amid shifting energy trade could prompt new tariffs, restrictions, or investment shifts, adding to economic uncertainty.
However, it cautioned that trade resilience is under pressure in 2025 and as trade uncertainty grows, global cooperation and balanced policies will be key to preventing economic fragmentation and safeguarding long-term growth.
Noting that protectionism and shifting trade strategies could disrupt global trade and services trade remains strong but goods trade faces uncertainty,
UNCTAD urged balanced balanced policies and multilateral cooperation.
Governments are expanding tariffs, subsidies, and industrial policies, reshaping trade flows.
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