Since the establishment of the WTO 30 years ago, the world has witnessed a period of unprecedented income growth and convergence, as the wide gap in income levels between economies has narrowed. Between 1995 and 2023, global per capita income, adjusted for inflation, increased by approximately 65 per cent, while the per capita income of low- and middleincome economies almost tripled. This impressive economic growth has significantly contributed to reducing poverty, malnutrition and infant mortality, and has improved access to education, healthcare and electricity. A rapid expansion in international trade was a major factor in this impressive economic growth. Recent debates about trade, development and inclusiveness have sometimes minimized or overlooked these achievements. Growing concern about income inequality levels, which remain high in most economies, have led some to argue that globalization is detrimental to development and inclusiveness because it favours wealthy economies and individuals, leaving marginalized groups and regions behind. Recent crises, such as the COVID-19 pandemic, revealed genuine vulnerabilities in supply chains, and fuelled perceptions that globalization exposes economies to excessive risks. Despite the remarkable poverty reduction of recent decades, a staggering 712 million people worldwide still live in extreme poverty.

Against this backdrop, the World Trade Report 2024 examines how international trade and trade policies contribute to making the global economy more inclusive. While trade has played a crucial role in promoting global economic convergence and reducing poverty, some individuals, regions and economies have been left behind by not being able to benefit to the same extent from trade. The report analyses how trade and trade policy can be part of the solution to make trade and the global economy more inclusive.Integrating open trade with other key policy areas is essential to spread the benefits of trade to all. At present, trade does not always benefit everyone; this is not solely due to trade policies, but often to domestic policies as well. The Report’s main conclusion is that reducing trade would diminish opportunities for growth and inclusiveness, but relying solely on trade and trade policy would not fully capture these opportunities. Complementary domestic policies are required to make trade more inclusive. Significant progress can be made at the national level to enhance the effectiveness of national policies for economic growth and inclusiveness, but international cooperation among economies can also be beneficial. In addition, increased coherence between the WTO and other international organizations can help to magnify their collective impact on growth and inclusiveness. Chapter B delves into the challenges faced by

certain economies in integrating into the global market and diversifying, and argues that sustained

economic growth would be most effectively achieved through open trade supported by complementary policies that facilitate the economy’s structural transformation. Chapter C analyses the factors that hinder individuals from accessing the gains from trade, and underscores the need to accompany trade openness with other domestic policies that allow the gains from trade to flow to individuals, and enable them to move to where those gains are. Chapter D discusses how international cooperation can make trade and complementary policies more effective at supporting inclusiveness across and within economies, and highlights how better coordination among international organizations could amplify their collective impact on inclusiveness.