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Thirty years of trade growth and poverty reduction

Blog post Published on 24/04/2024
By Barbara D’Andrea, Christophe Degain, Florian Eberth, Stela Rubínová, Monia Snoussi-Mimouni and Ankai Xu

Since the signing of the Marrakesh Agreement Establishing the World Trade Organization on 15 April 1994, global trade has surged, reaching over US$ 30.4 trillion in 2023, a fivefold increase since 1995. At the same time, tariffs have declined markedly under the WTO, helping to reduce trade costs. This growth in trade has coincided with a significant decrease in poverty worldwide, indicating the impact of trade on supporting economic development and improving people's lives. 
Thirty years of trade growth and poverty reduction
Goods and services trade have grown substantially

When the WTO was launched 30 years ago, the aim was to create a new global order, based on openness, inclusivity and cooperation. Established as the successor to the General Agreement on Tariffs and Trade (GATT), which mainly dealt with trade in goods, the WTO also covers trade in services and intellectual property, with the overall objective of helping its members use trade as a means to raise living standards, create jobs and improve people's lives.

The 30 years since the WTO's creation have ushered in a new era of trade and economic growth. Between 1995 and 2023, total world trade — goods and commercial services — saw strong growth, averaging 5.8 per cent per year. This translates into an almost fivefold increase in world trade (see Figure 1).

Notably, trade in commercial services outpaced goods trade, with an average annual increase of 6.8 per cent, compared to 5.5 per cent for goods.

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