COMCEC Trade Outlook 2017
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1.2. RECENT TRENDS IN WORLD TRADE
World trade witnessed rapid growth rates prior to the global
crisis. The upward trend in the world merchandise trade in this
period was characterized by four main patterns7 which were the
changes in the composition of trade towards commodities
mainly due to surging commodity prices, increasing
participation in global value chains, rising share of the
developing countries and the proliferation of regional trade agreements. However there have
been some emerging patterns shaping the global trading environment recently.
Slower pace of trade liberalization and increased protectionist measures were considered
among factors affecting the weak performance of world trade. The Figure below which is taken
from UNCTAD (2017) illustrates that while tariffs have declined considerably in the 2000s, little
progress was achieved in terms of further declines in tariffs since the global crisis. Furthermore
the number of non-tariff measures continue to rise especially in the aftermath of the crisis.
Figure 4: Tariffs and Non-tariff Measures
Source: Reprinted from” Evolution of the International Trading System and Its Trends from a Development
Perspective” UNCTAD, Trade and Development Board, TD/B/64/5, Sixty-fourth session, 3 July 2017. Retrieved
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Second major pattern is the continuation of the proliferation of Regional Trade Agreements
(RTAs). While the World Trade Organization (WTO) expanded, reaching 164 Members by July
7 For detailed information please visit COMCEC Trade Outlook,2016.
“Global trading
environment has
changed