Merchandise trade declines across most major economies in first quarter of 2014
By participating more effectively in the global production of goods and services, Africa can transform its economy and achieve a development breakthrough, according to the latest African Economic Outlook, released at the African Development Bank Group’s Annual Meetings.
The OECD’s new Services Trade Restrictiveness Index (STRI), released during the Organisation’s annual Ministerial Council Meeting, provides a unique and comprehensive snapshot of services trade restrictions across 18 sectors in 40 leading economies, representing over 80% of global services trade.
Merchandise trade continues to pick-up across most major economies in fourth quarter of 2013
New international rules on state financing of rail exports will boost the development of cleaner transportation infrastructure and help countries meet green growth objectives, the OECD said.
Mr Gurría said the trade facilitation agreement at the core of the new package would cut red tape and speed border crossings worldwide, offering an important boost to world trade and the global economy. "As OECD work has highlighted, the benefits of lowering costs for traders are significant, and are particularly welcome today, given the slow growth seen in so many countries," Mr Gurría said.
Merchandise trade imports and exports in G7 and BRICS economies grew by 1.4% during the third quarter of 2013, offsetting the contractions seen in the previous quarter.
Global value chains (GVCs) have become a dominant feature of world trade and investment, offering new prospects for growth, development and jobs, according to a new joint report by the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD).
Merchandise trade growth increased in the major economies during the first quarter of 2013. Compared to the fourth quarter of 2012, the value of merchandise imports and exports for the total of G7 and BRICS countries increased by 1.3% and 2.8%, respectively.
OECD research shows that multilateral agreement to cut red tape in international trade would dramatically reduce trading costs and add a substantial boost to the global economy.