World Trade Organization or WTO has stated that global value chains (GVCs) remain the backbone of the world economy, even as their structure and logic evolve in response to economic, technological, and geopolitical change. Over the past quarter century, trade in intermediate goods and services has linked nearly every economy into a dense network of production relationships. These networks have proved remarkably durable through successive crises – the global financial shock of 2008-09, the pandemic, and the recent surge in geopolitical and climate-related disruptions. Measured in value-added terms, cross-border production continues to account for almost half of world trade, and the nominal volume of trade in intermediates has reached record highs. The evidence collected for this report confirms that globalization is being reconfigured rather than reversed: supply chains are adapting through regionalization, digitalization, and diversification, says WTO.
More News
|
|