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A report from the United Nations Conference on Trade and Development (UNCTAD) states that Gaza is in urgent need of billions of dollars in economic aid to compensate for years of restrictions that have hindered its economy. The report highlights the dire economic conditions in Gaza and emphasizes that aid should not be seen as a substitute for ending the restrictions and closures. The director of UNCTAD s division on globalization and development strategies estimates that Gaza would need billions of dollars in aid. ....
The World Trade Organization halved its growth forecast for global goods trade this year, saying that persistent inflation, higher interest rates, a strained Chinese property market and the war in Ukraine had cast a shadow over its outlook. The Geneva-based trade body said on Thursday merchandise trade volumes would increase by just 0.8% in 2023, compared with its April estimate of 1.7%. For 2024, it said goods trade growth would pick up to 3.3%, a forecast virtually unchanged from its April estimate of 3.2%. ....
With India and the US announcing resolution of their last trade dispute on poultry products at WTO, India has agreed to reduce tariffs on certain American products like frozen turkey, frozen duck, fresh blueberries and cranberries, the USTR said. ....
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