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12-Sep-2016 9:47 AM

IATA: Global trade and airfreight 'tailwinds' to be weaker in future, trade needs reinvigoration

IATA stated (09-Sep-2016) the "tailwinds" that propelled global trade and air cargo volumes in the past are likely to be much weaker in future and world trade needs a new impetus to reinvigorate recent stagnation in the world trade multiplier (exports plus imports as a share of GDP). Successive rounds of trade liberalisation in recent decades helped to significantly reduce barriers to trade. Average trade tariffs decreased by a factor of three over the period, helping to propel world trade growth, but the pace of tariff reduction has slowed and the prevalence of non-tariff barriers to trade has risen. IATA noted opposition to further trade agreements and policies to open market access and political rhetoric on both sides of the Atlantic may delay the Trans-Atlantic Trade and Investment Partnership to 2018. The future of the Trans-Pacific Partnership is also uncertain. [more - original PR]

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