STORY: "Re-globalization" more promising than fragmentation: WTO
DATELINE: Sept. 13, 2023
LENGTH: 00:02:03
LOCATION: GENEVA, Switzerland
CATEGORY: POLITICS

SHOTLIST:
1. various of the press conference
2. SOUNDBITE 1 (English): RALPH OSSA, WTO Chief Economist
3. various of the press conference
4. SOUNDBITE 2 (English): RALPH OSSA, WTO Chief Economist
3. various of Gevena

STORYLINE:

Re-globalization, which means increased international cooperation and broader integration, can support security, inclusiveness and environmental sustainability, the World Trade Organization (WTO) said in a flagship report published on Tuesday.
   
In the 2023 edition of the "World Trade Report," the trade organization presents new evidence of the benefits of broader, more inclusive economic integration as early indications of trade fragmentation threaten to unwind growth and development.
   
"Globalization is really at a crossroads," WTO Chief Economist Ralph Ossa said.

SOUNDBITE 1 (English): RALPH OSSA, WTO Chief Economist
"The 'World Trade Report' 2023 asks a big question. What is the role of international trade in building a more secure, inclusive and sustainable world?"

Trade policy tensions are on the rise and the first signs of fragmentation along geopolitical lines are already visible, but overall trade is holding up strong, hence the talk of de-globalization is certainly exaggerated, he noted.

SOUNDBITE 2 (English): RALPH OSSA, WTO Chief Economist
"We need to embrace trade instead of rejecting it. If we want to overcome the most pressing challenges of our time. In particular, the report makes the case for extending trade integration to more economies, to more people, and also more issues. A process that we call re-globalization."
   
According to the report, geopolitical tensions are beginning to affect trade flows, including in ways that point towards fragmentation of trading relationships. 

Calculations carried out by the WTO Secretariat show that goods trade flows between two hypothetical geopolitical blocs have grown 4-6 percent more slowly than trade within these blocs.
   
Despite these findings, international trade continues to thrive, implying that talk of de-globalization is still not supported by the data, the report said.
   
The report showed that trade openness is strongly linked with a reduced likelihood of conflict and has led to sharp declines in poverty for over four decades. Also, technological improvements enabled by trade have had a strong impact on reducing carbon emissions.
   
The report demonstrated that "re-globalization," which is the renewed drive towards integrating more people, economies and pressing issues into world trade, is a more promising solution to these issues than fragmentation.

Xinhua News Agency correspondents reporting from Geneva, Switzerland.
(XHTV)