But, in times of crisis, the trade spillovers have the opposite effect. As the global economy has become increasingly interconnected, these trade multipliers have increased.

Capacity building for enterprises, chiefly SMEs, and their supporting agencies, through improving the quality of products and services is an important activity of the secretariat.

Transatlantic and transpacific trade negotiations are progressing slowly, held back by the resistance of special interests. But, though many experts fear that protectionism is undermining globalization, threatening to impede global economic growth, slower growth in global trade may be inevitable, and trade liberalization is decreasingly important.

Global trade as a share of GDP may therefore decline, but without adverse consequences for global economic growth. Rising productivity does not require relentlessly increasing trade intensity.

The world has been witnessing a steady increase in global trade at a compounded annual growth rate of 2.2 per cent since the 1990s, with foreign trade as a share of gross domestic product (GDP) steadily increasing in major trading countries and country groupings.

Between 1984 and 2002, its participation in international trade had increased at an average annual rate of only 4.6 per cent compared with a global rate of 7.5 per cent.

The global trading system can contribute to employment growth by facilitating the flow of export of goods.

They are recognized as important catalysts for global economic growth and expansion of trade.

Empirical evidence has shown that the growth in trade of ICT goods and services has grown at a faster pace than growth in total trade and remains high despite an overall global slow down in the trade of such goods.

it became clear that they could be the basis for a global network of advanced players in the area of trade information and electronic commerce.

Interdependence and global economic issues from a trade and development perspective Income distribution and growth in a global context 3

3. Interdependence and global economic issues from a trade and development perspective Income distribution and growth in a global context

The strong growth of the global economy in 2003 and 2004 was both reflected in and driven by strong growth in world trade.

Trade has increased.

Item 3 Interdependence and global economic issues from a trade and development perspective Income distribution and growth in a global context

Globalize trade.

Europe s extensive regional and global trade networks mean that its internal problems are impeding world trade and, in turn, global economic growth. In 2012, world trade expanded by only 2.5 , while global GDP grew at a disappointing 3.2 rate.

The threats of terrorism and proliferation endanger the stable global environment within which trade flourishes and economies grow.

The prospective growth environment for developing countries will depend not only on their continuing significant policy adjustments but also on sustained and strong momentum in global trade liberalization leading to rapid growth in world trade.

But, for individual economies, relative productivity versus income levels determines the share of global tradable aggregate demand that is accessible. Unlike the non tradable side of the economy, the domestic component of global tradable demand is not an absolute constraint on growth nor is the rate of growth of global tradable demand an absolute constraint, given the possibility of increasing share.

In the meantime, developing countries have thus far contributed 70 per cent of the growth in global gross domestic product and half of the growth in world trade.

Therefore trade liberalization is crucial to global economic growth and poverty reduction.

Marginalized countries are the ones most in need of trade, investment and growth generated by globalization.

The Broken Legs of Global Trade

In addition, the Business Advisory Council continues to advise the Executive Secretary of ESCAP on the business dimensions of the secretariat's work.

The fastest growing export items in South South trade are products which benefit significantly from global connectivity and the global production network (GPN) (Lall, Sanjaya and Albaladejo, Manuel, 2005).

The Trade and Development Board, at its forty fourth session, arrived at agreed conclusions on Interdependence and Global Economic Issues from a Trade and Development Perspective Income Distribution and Growth in a Global Context .

The inequitable world financial, monetary and trade systems must be reformed in order to promote economic growth in the developing countries.

Web traffic over GTPNet has grown exponentially since the Web site was launched in January 1995.

29. Liberalization of trade and investment has been the hallmark of globalization for the past decades, generating accelerated economic growth.

Also, with the growth of trade in goods and services, the expansion of distribution networks globally implies increasing trade in distribution services.

Trading up Global Trade Talks

Total demand and its growth do matter, but so does market share. Given the growth patterns across advanced and developing countries prior to the crisis, and then the large negative shock, it is likely that there is a shortfall of tradable global aggregate demand, impeding an important component of global growth.

Box 7 The Global Trade Point Network (GTPNet)

34. The problems of the effects of globalization on economic growth and income distributions should be at the top of the agenda of the Trade and Development Board, alongside competition and its consequences for economic growth and international trade.

Preferences, South South trade, and regional and global trade agreements

28. World trade in primary commodities has grown more slowly, and makes up a smaller share of total world trade than manufactured products.

A new WTO Trade Facilitation Agreement would benefit all by increasing developing countries capacity to trade, strengthening the WTO s development mandate, and boosting global economic growth. More than a decade after the launch of the Doha Round of global free trade talks, this agreement could be a down payment on the commitment that WTO members have made to linking trade and development.

However, with a growth rate significantly higher than for total retail trade, the share of e commerce in total retail trade is also growing.

Trade facilitation reduced barriers to the participation of SMEs in trade, increased employment and allowed entrepreneurs to become partners in the globalization and liberalization of trade.

It has become of increasing importance that the name Trade Point is legally protected worldwide, together with the name and logo of the Global Trade Point Network (GTPNet) and the Electronic Trading Opportunities (ETOs).

Since this trade is channelled through distribution networks, growth in distribution services will continue to be a characteristic of the global economy.

The global trading system needs to be fair.

Moreover, disciplines on subsidies could increase the participation of developing countries in global trade in services.

Trade in frozen fish strongly increased in the 1980s and accounts for 40 per cent of the total fish trade.