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STORY: WTO / WORLD TRADE REPORT
TRT: 04:44
SOURCE: WTO
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS
DATELINE: 9 SEPTEMBER 2024, GENEVA, SWITZERLAND
1. Wide shot, WTO headquarters exterior
2. Med shot, WTO entrance
3. Wide shot, Public Forum logo at entrance gate
4. Wide shot, people entering the WTO compound
5. Med shot, WTO Chief Economist Ralph Ossa holds up a copy of the World Trade Report
6. SOUNDBITE (English): Ralph Ossa, Chief Economist, WTO:
"Making trade more inclusive is a top priority for WTO members. Their shared objective is to ensure that trade benefits more economies and more people."
7. Wide shot, journalists in meeting room
8. SOUNDBITE (English) Ralph Ossa, Chief Economist, WTO:
"Trade has proven to be a powerful driver of inclusiveness. Since the establishment of the WTO 30 years ago, per capita incomes in low- and middle-income economies have nearly tripled, significantly narrowing the income gap with high-income economies. Our estimates suggest that up to one-third of this convergence can be attributed to reductions in trade costs, facilitated in part by the WTO. This trade-led convergence had a transformative impact on the lives of hundreds of millions of people. The share of people living in extreme poverty in low- and middle-income economies dropped from 40 percent to around 11 percent since 1995, while the share of trade in these economies' GDP doubled from about 16 percent to 32 percent."
9. Wide shot, journalists in meeting room to podium
10. SOUNDBITE (English) Ralph Ossa, WTO Chief Economist:
"Too many economies and people are still left behind. Income convergence has been uneven, leaving some economies behind. One-third of low- and middle-income economies, representing 13 percent of the global population, grew slower than the average high-income economy in per capita terms, leading to divergence rather than convergence. These diverging economies are mostly located in Africa, Latin America and the Caribbean, and the Middle East."
11. Close-up, podium seen on computer screen
12. SOUNDBITE (English) Ralph Ossa, Chief Economist, WTO:
"A crucial yet overlooked component of the gains from trade are the consumer benefits from lower prices and increased product variety. Research shows that these gains disproportionately benefit low-income households, which tend to spend a larger share of their income on imported goods, such as food, and less on non-traded services, like restaurants. These consumer benefits arise from productivity gains as workers and capital move from less productive to more productive firms, sectors, or regions, leveraging comparative advantages and economies of scale. Conversely, less productive firms, sectors, or regions lose resources including workers due to import competition. This dynamic means that some workers gain while others lose from international trade."
13. Close-up, Ralph Ossa on camera screen
14. SOUNDBITE (English) Ralph Ossa, Chief Economist, WTO:
"The bottom line of our analysis is this: less trade will not promote inclusiveness, nor will trade alone. True inclusiveness demands a comprehensive strategy—one that integrates open trade with complementary domestic policies and effective international cooperation."
15. Wide shot, podium
16. Med shot, journalists in meeting room
17. Wide shot journalists and podium
18. Wide shot journalists and podium
19. Med shot, podium from the side
20. Wide shot, journalists to podium
21. Close-up, journalist
22. Close-up, journalist
The 2024 edition of the WTO’s World Trade Report presents strong evidence that trade has played a crucial role in narrowing the income gap between economies since the WTO was established 30 years ago. The flagship publication also analyses trends in the distribution of the gains of trade among people within economies and emphasizes the need for a comprehensive strategy that integrates open trade with supportive domestic policies.
