But the biggest beneficiary yet, is China. From lifting 850 million of its people out of poverty, trade has propelled China to become the world’s second largest economy with an output of more than US$12 trillion a year.
SINGAPORE (Nov 25): Since the entry of China into the World Trade Organisation in 2001, national economies have been integrated into the global economy at an unprecedented pace. According to the WTO, more than half of world trade in goods and services consists of intermediate products which are mostly exchanged within global value chains, which have become worldwide networks for the production of goods and services.
Such high trade flows have in turn lead to higher investment flows. Hence, trade has also been a force for economic growth in the last decade. Singapore for one has been a huge beneficiary with trade volumes making up three times the size of its Gross Domestic Product.
