Suivi du commerce

1999 was a turbulent year for the WTO. After the Organization had been without a Director-General or Deputy Directors-General for four months the new Director-General Mr. Moore took office only on 1 September when the Third Ministerial Session at Seattle was already looming. It is a matter of record that despite a year of hard preparatory work by the Chairman of the General Council delegations and the Secretariat the Ministerial failed to reach agreement either on the launch of a new Round of trade negotiations or on the other important points which had emerged in the course of the preparatory process. Furthermore the WTO found itself at the centre of a wave of resentment against many aspects of the global economy for which the Seattle Ministerial became a focus.

A strengthening of world economic output in 1999 reversed the slowdown of world trade in the first half of 1999 and led to a dynamic expansion of trade in the second half. For the year as a whole the real growth of world trade remained unchanged from the preceding year and was below the average trade expansion recorded throughout the 1990s. Although trade growth continued to exceed both the growth in world commodity output and world GDP the excess margin between the growth rates remained smaller in 1999 than those observed during the 1990–1997 period.

Two years ago the “Asian financial crisis” erupted in Thailand spread rapidly to other countries in the region and affected general investor sentiment in those and other developing countries and transition economies notably Russia in mid-1998 and later Brazil. Output and employment contracted sharply in the countries most directly affected in turn adversely affecting trade of their partners and together with steep commodity price declines trade of many other developing countries. In the past such events could have been invoked as a justification for raising import barriers in an attempt to contain the domestic consequences and shift the burden onto trading partners possibly provoking countermeasures and thereby exacerbating the downturn. However this very serious crisis unfolded in the framework of the WTO the strengthened multilateral trading system created by the Uruguay Round Agreements. The system and the good sense of governments helped to keep markets open facilitating adjustment and providing a critical element for recovery from the Asian crisis.

Global output and trade growth decelerated sharply in 1998 as imports of Japan and East Asia fell for the first time since 1974 (first oil crisis). All regions and all broad product categories were affected by the slowdown. The share of the developing countries in world trade dipped for the first time in more than a decade. Nearly two thirds of the world’s economies recorded a decrease in their export earnings which was the worst performance observed in the 1990’s. Preliminary indicators point to an arrest of the slowdown of world trade in the first months of 1999 and an acceleration of growth in the second quarter.

Since the last WTO Annual Report conditions for trade and trade-related policy-making have become considerably more difficult. The effects of the financial and economic crisis affecting emerging markets and of the economic downturn in Japan are far from fully worked through. They are having a serious impact on the pattern of world economic growth and hence on trade and on commodity markets (Chapter Two). Although there has been some backtracking in trade liberalization the multilateral trading system – as seen in the development of trade policies – seemed in September 1998 to be standing up well to the turbulence in financial and trading markets.

The year 1998 marks five decades of the multilateral trading system. For 50 years the GATT and now the WTO have provided the framework for the conduct of trade relations in a world of growing complexity and interdependence – a world where trade has increased seventeen-fold since the founding of the system and foreign direct investment has grown five-fold in the last decade alone. At the same time the forces of globalization have brought extraordinary new opportunities. It is true of course that the upward trend in world output and trade has not been even or uninterrupted throughout the post-war period. Indeed there have been times of difficulty and disruption posing serious challenges for policy makers. The current economic crisis affecting much of Asia and Russia and exerting pressure on the economies of many other countries in different regions constitutes one of the most challenging sets of circumstances to have confronted the world economy in many decades. The financial crisis in South-East Asia the recession in Japan slower growth in Asia more generally as well as in various countries in other regions and the economic crisis in Russia have combined to create economic conditions in which the global economy could enter a period of contraction. If judicious policies are brought to bear however calming the fears of investors and restoring stability in the financial sector there is a good chance that while the world economy will suffer slower growth accompanied by a painful adjustment process in some countries a deep global depression is avoidable.

Financial and economic turmoil has shaken much of the world in the last few months affecting most of Asia and Russia in particular and presenting new challenges for many other countries. This crisis calls for a sense of collective responsibility as urgently as at any other time in the post-war period. From the perspective of the global trading system this means three things. First it requires a clear and continuing commitment by governments to the multilateral trading system and a firm resolve to resist protectionism. Second a fresh impetus toward trade liberalization would contribute to the resolution of the crisis and would send a positive signal to the markets. Third renewed efforts to bring the countries outside the system including Russia and China into the World Trade Organization would help to complete the global economic architecture for which the need has been so strongly demonstrated.

"International Trade Statistics" provides a detailed overview of the latest developments in world trade covering both merchandise and services trade as well as trade measured in value-added terms

The "World Trade Report" is an annual publication that aims to deepen understanding about trends in trade trade policy issues and the multilateral trading system.

Monitoring of national trade policies is a fundamentally important activity running throughout the work of the WTO. At the centre of this work is the Trade Policy Review Mechanism (TPRM). All WTO members are reviewed the frequency of each member’s review varying according to its share of world trade. For each review two documents are prepared: a policy statement by the government under review and a detailed report written independently by the WTO Secretariat. These two reports together with the conclusions of the Chair of the Trade Policy Review Body are published shortly after the meeting.

"Trade Profiles" provides two-pages snapshots of the most relevant indicators on merchandise trade services and intellectual property for over 200 economies including all WTO members.

This annual report by the Director-General looks at the latest trade policy measures undertaken by WTO members and observers. These includes measures that facilitate as well as restrict the flow of trade. It is one of two trade monitoring reports published each year covering the whole WTO membership. This trade monitoring function is overseen by the WTO's Trade Policy Review Body.

This site provides a searchable database on international trade in merchandise and commercial services. The data are presented according to the product definitions and regional groupings specified in the technical notes.