World Trade Report: Trade reform to boost growth; inaction can cost 10% global GDP

"The multilateral trading system has delivered enormous benefits over the past 80 years, helping to create a more integrated and resilient global economy,” said WTO Director-General Ngozi Okonjo-Iweala. “The evidence shows that around 72% of global merchandise trade still takes place under the WTO's most-favoured-nation terms, while WTO-led trade cooperation has supported economic growth, helped narrow income gaps between developing and advanced economies, and contributed to peace among members."

"The global trading landscape has changed significantly but the founding logic of the system, that all economies are better off cooperating rather than acting unilaterally, remains as relevant today as ever," she said. "WTO members are now engaging actively on reform in full recognition that the status quo is not an option. The multilateral trading system has been repaired and renewed before, and I believe it can be again."

The publication titled, "World Trade Report 2026: A Critical Juncture for the World Trading System," presents three scenarios for the future of the global trading system. A scenario of a strengthened multilateral framework could raise global GDP by 2.9% and global exports by 17.9% by 2050 relative to the baseline trajectory. This scenario assumes a world where WTO rules are strengthened through broader market-opening commitments, new multilateral disciplines in digital trade and services, wider membership, and a calibrated framework that balances trade openness with security concerns.