Importance of Trade Data
Trade data offer important new perspectives on the world economy’s trade movements. Businesses can develop sensible decisions and successful strategies by studying trade data and statistics. In-depth trade statistics on goods and commercial services are provided for more than 200 nations and territories in the World Trade Statistical Review 2022.
World Trade Organization (WTO)
The World Trade Organization is an international body that establishes regulations for trade and aids in resolving conflicts among its member nations. The WTO, which has 164 members, seeks to advance free and equitable trade by lowering trade barriers and ensuring that trade agreements are upheld.
European Free Trade Association (EFTA)
Switzerland, Norway, Iceland, and Liechtenstein are members of the European Free Trade Association, a regional trade association. The goal of EFTA is to advance free trade among its members and with other nations. Additionally, EFTA seeks to promote sustainable development and increase market access for its members.
Other Trade Organizations
There are several additional trade organizations, outside the WTO and EFTA, that are crucial in advancing international trade. These organizations include, among others:
- The International Chamber of Commerce (ICC) is a business advocacy group that supports open trade and long-term economic expansion.
- The International Trade Centre (ITC) is a joint organization of the WTO and the UN that offers developing nations trade-related technical assistance.
- An intergovernmental organization that creates and promotes standards and best practices for customs is known as the World Customs Organization (WCO).
- OECD: Organization for Economic Co-operation and Development a 38-nation forum with the mission of advancing sustainable development and economic progress.
These trade associations cooperate to build a more secure and prosperous global economy.