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Merchandise trade slowed in most major economies in the second quarter of 2012, with contractions in all major European economies, India, Russia and South Africa.
OECD countries have agreed new rules to strengthen current environmental and social due diligence processes when providing export credits and to create financially prudent incentives to support business projects with low CO2 emissions. The second agreement also aims to encourage support for advanced climate-friendly technologies such as carbon capture and storage.
Merchandise trade grew moderately in most major economies in the first quarter of 2012. Total imports and exports of G7 and BRICS grew by 1.0% and 0.6% respectively.
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Over the course of the last half century, the global expansion of trade has reshaped the world economy. Trade opening has enabled economies to reap the benefits of specialisation and focus more productively on what they do best, through the sectors where they demonstrate comparative advantage.
Governments that foster open markets and resist protectionism have the best chance of stimulating inclusive economic growth and creating high-value jobs, according to a new study from 10 international organisations presented in Paris.
Companies are increasingly producing goods and services through supply chains spanning different countries.