According to Xinhua News Agency, Geneva, November 16 (reporter Chen Binjie), the World Trade Organization, headquartered in Geneva, Switzerland, released the 2021 World Trade Report on the 16th. The report discusses the vulnerability and resilience of the global trading system in the face of crises, and emphasizes that multilateral and regional trade cooperation is conducive to the global response to future crises.

The Director General of WTO, Ngozi Okonjo Ivera, said in his report that the WTO needs to make more contributions to enhancing economic resilience, because natural and man-made risks and disasters may increase in the future. It is very important to improve the transparency and predictability of trade measures, which will help decision-makers and enterprises make wise decisions.

According to the report, although the global economy characterized by deep trade links is more vulnerable to shocks, it is also more resilient when it suffers shocks. Those policies that try to enhance economic resilience by undermining trade integration, such as encouraging production return and self-sufficiency, often have the opposite effect, while more regional and multilateral cooperation is conducive to enhancing economic resilience.

The report believes that with the support of strong international trade rules, more trade cooperation at the multilateral or regional level is conducive to avoiding and mitigating risks, effectively responding to shocks and recovering from them.