The International Chamber of Commerce (ICC) has commissioned and released an independent study by Oxford Economics that demonstrates the vital importance of the World Trade Organization (WTO) in fostering global economic growth and development.
The study, titled ‘The Impact on Developing Economies of WTO Dissolution,’ highlights the dire consequences of abandoning the WTO, particularly in developing countries. Dissolution of the WTO would result in a 33 percent drop in developing economies’ merchandise trade, a permanent GDP loss to developing countries exceeding five percent, and acute export losses particularly affecting low-income and middle-income countries.