Modest trade growth anticipated for next two years following slumpListen /
World trade is expected to grow by a modest 4.7 per cent in 2014 and only slightly faster in 2015, according to the World Trade Organization (WTO).
Economists on Monday said that for the past two years, growth has averaged only 2.2 per cent, which remains below the 20-year average of 5.3 per cent, following a global slump.
WTO Director-General Roberto Azevêdo said "it's clear that trade is going to improve as the world economy improves."
But he said he knows that just waiting for an automatic increase in trade will not be enough for the Organization's Members.
Mr. Azevêdo said WTO can actively support trade growth by updating the rules and reaching new trade agreements, which was illustrated last year in Bali.
In December 2013, the World Trade Organization reached its first ever worldwide trade reform deal said to have the potential to boost nearly a trillion dollars to the global economy.
Stephanie Coutrix, United Nations.