Trade monitoring

International trade is integral to the process of globalization. Over many years, governments in most countries have increasingly opened their economies to international trade, whether through the multilateral trading system, increased regional cooperation or as part of domestic reform programmes. Trade and globalization more generally have brought enormous benefits to many countries and citizens. Trade has allowed nations to benefit from specialization and economies to produce at a more efficient scale. It has raised productivity, supported the spread of knowledge and new technologies, and enriched the range of choices available to consumers. But deeper integration into the world economy has not always proved popular, nor have the benefits of trade and globalization necessarily reached all sections of society. Trade scepticism is on the rise in certain quarters, and the purpose of this year’s core topic of the World Trade Report, entitled “Trade in a Globalizing World”, is to remind ourselves of what we know about the gains from international trade and the challenges arising from higher levels of integration.

Le Yémen, pays moins avancé (PMA), a accédé à l’OMC en juin 2014, devenant ainsi le 160e Membre de l’Organisation. L’ensemble des textes relatifs à l’accession des Seychelles a été approuvé en décembre, permettant ainsi aux Seychelles de devenir le Membre le plus récent de l’OMC en avril 2015 (voir les pages 24-25). Les Membres de l’OMC représentent maintenant 98 % du commerce mondial, contre 91 % en 1995 lorsque l’OMC a été créée.

The thirteenth Trade Policy Review of Japan has been a good opportunity for Members to discuss recent developments in the country’s economic, trade and investment policies and their implications for international trade. Such a fruitful dialogue would not have been possible without the constructive engagement of the Japanese delegation led by Mr. Tomochika Uyama; their team in Geneva headed by Ambassador Junichi Ihara; our discussant, H.E. Ambassador Julian Braithwaite from the United Kingdom; and all those Members who had participated in this exercise.

Since 2011, Cambodia’s real GDP growth has been strong, averaging over 7% annually. Construction, manufacturing (mainly garments exports) and, to a lesser extent, tourism-related services, have been the drivers of growth. Economic growth has been inclusive and widespread, resulting in declining inequality and poverty levels. Prudent macroeconomic management has resulted in moderate inflation, a stable exchange rate, relatively low unemployment, and manageable external debt levels. However, the informal nature of a large portion of the Cambodian economy, which is largely based on services followed by agriculture, implies that GDP is significantly underestimated, and that it undermines the effectiveness of government policy.