WTO, World Bank and IMF express need for reforms in trade

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New ways of looking at global trade will be necessary if the economy is to flourish, three organizations have said.

The World Trade Organization (WTO), World Bank and International Monetary Fund have come together to publish a new report calling for urgent reforms in international trade.

Their Reinvigorating Trade and Inclusive Growth document focuses on global ecommerce regulations, ways in which negotiating procedures could be bettered and methods of improving the transparency of trade policies as part of a wider call for nations to concentrate more on working together for the good of the global economy.

If governments were to take new opportunities in boosting cross-border investment and altering the ways in which they trade, the economy worldwide could enjoy a significant boost over the coming years, the three organizations said.

WTO director-general Roberto Azevedo recently warned that the trade tensions currently bubbling between China and the US, among other nations, have the power to undermine the good work that was done in international trade since the Second World War.

Meanwhile, US president Donald Trump has publicly criticized America's involvement with the WTO, leading to fears that it may become destabilized.