WTO Urges Trade Rule Reform to Avoid Fragmentation Risk

The World Trade Organization urged member states to reform global trade rules to reduce the risk of trade fragmentation. According to ChainCatcher, the WTO warned that without reform, global GDP could fall 5.1% by 2050 and exports could decline 18.6%. The organization said stronger multilateral cooperation could lift global GDP by 2.9% and increase exports by nearly 18%.