UNCTAD’s Global Trade Update shows encouraging signs amidst persistent challenges.
The overall outlook for trade in 2024 is positive, with increasing demand for environmental goods, especially electric cars, set to play a crucial role in driving growth.
✅ International trade is expected to rebound in 2024 after experiencing declines for several quarters.
✅ Preliminary figures indicate a $1 trillion contraction in global trade in 2023, driven primarily by subdued demand in developed nations and weaker trade within East Asia and Latin American regions.
✅ While trade in goods decreased during 2023, trade in services continued to grow, signalling resilience amidst challenging conditions.
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Source:CNBC
The Swedish National Board of Trade has presented an interesting research report about utilization of Free Trade Agreements (FTA) & the complications around Rules of Origin (ROO).
Christopher Wingård, one of the authors of the report, says: ”At the beginning of the work, we were convinced that we would be able to connect specific rules of origin with a high or low utilization of the agreements, to find a pattern and be able to say which rules of origin are easy or difficult to use. However, we could not identify any such relationship. Instead, we found that a certain rule of origin in one agreement could be connected with a high utilization, but the same rule could have a much lower utilization in another agreement”.
Read the report here: national Board of Trade: FTA research report
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