Mounting protectionism threatens to unwind 30 years of progress in closing income gaps between poor and rich countries, the World Trade Organization has warned.
The WTO said in a report published on Monday that income per capita in low- and middle-income countries had almost tripled between the creation of the body in 1995 and 2023. Global income per capita had increased by a lower percentage of about 65 per cent over the same period.
WTO director-general Ngozi Okonjo-Iweala said the findings countered “the currently fashionable notion that trade, and institutions like the WTO, have not been good for poverty or for poor countries”.
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