It is vitally important to the hopes of millions for a better life that the ministerial conference of the World Trade Organization (WTO) continue the beneficial process of opening up world markets started more than 50 years ago and carried forward over eight successive negotiating rounds.
To appreciate this, one needs only to look at the annual statistics showing that growth in world trade invariably far outstrips growth in world output and demonstrating the increasing share that trade occupies year by year in global economic activity.
The value of world merchandise trade reached about $5.5 trillion in 1997. In 1990 it was less than $3.5 trillion. In 1990 developed countries accounted for over 70% of the total but by 1997 their share had dropped below 64%. The share lost shifted mainly to developing countries.
United Nations World Economic and Social Survey 1998
World output grew in real terms at an average annual rate of 3.7% between 1948 and 1997 compared with world trade growth of 6%. Between 1950 and 1997, international trade flows multiplied by a factor of 17, while output increased six-fold.
WTO Annual Report 1998
Annual foreign direct investment expanded almost 17-fold between 1973 and 1996, from $21.5 billion to almost $350 billion. FDI stocks jumped from $165 billion at the end of 1973 to $3.205 billion in 1996.
WTO Annual Report 1998
Stay up-to-date with all ICC news information, and more with our ICC news alerts.
These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
|cookielawinfo-checkbox-analytics||0||1 hour||This cookies is set by GDPR Cookie Consent WordPress Plugin. The cookie is used to remember the user consent for the cookies under the category "Analytics".|
|cookielawinfo-checkbox-necessary||0||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-non-necessary||0||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Non Necessary".|
|cookielawinfo-checkbox-performance||0||1 hour||This cookies is set by GDPR Cookie Consent WordPress Plugin. The cookie is used to remember the user consent for the cookies under the category "Performance".|
|PHPSESSID||0||This cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed.|
|SERVERID567||0||15 minutes||Session cookie that expires when the page is closed. The operation of the host requires the presence of this cookie corresponding to a number of "SERVERIDES" servers to ensure the proper loading of the site.|
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
|test_cookie||0||1 day||Used to check if the user's browser supports cookies by Google.|
These cookies collect information about how you use a website, like which pages you visited and which links you clicked on. None of this information can be used to identify you. It is all aggregated and, therefore, anonymized. Their sole purpose is to improve website functions.
|cusid||0||30 minutes||This cookie is used to establish and continue a user session with the site. When a user views a page on the site, the script code attempts to update this cookie. If it does not find the cookie, a new one is written and a new session is established. Each time a user visits a different page on the site, this cookie is updated to expire in 30 minutes, thus continuing a single session for as long as user activity continues within 30-minute intervals. This cookie expires when a user pauses on a page on the site for longer than 30 minutes.|
|cuvid||0||2 years||This cookie is typically written to the browser upon the first visit to the site from that web browser. If the cookie has been deleted by the browser operator, and the browser subsequently visits the site, a new __cuid cookie is written with a different visitor unique ID. This cookie is used to determine unique visitors to the site and it is updated with each page view. Additionally, this cookie is provided with a unique ID that the application uses to ensure both the validity and accessibility of the cookie as an extra security measure.|
|cuvon||0||30 minutes||Used to signal the last time a visitor viewed a page.|
A set of cookies to collect information and report about website usage statistics without personally identifying individual visitors to Google.
|_ga||0||14 months||This cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assign a randomly generated number to identify unique visitors.|
|_gat_UA-30095339-1||0||1 minute||This cookie is used for throttling requests to Google Analytics to increase the efficiency of network calls.|
|_gid||0||1 day||This cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the wbsite is doing. The data collected including the number visitors, the source where they have come from, and the pages viisted in an anonymous form.|