Economic globalization has been promoting economic convergence and integration, states the report. In order to benefit from these trends, countries need to grasp the nettle of trade policy reforms at three levels: unilateral, multilateral, and through preferential trade agreements. The temptation to return to protectionism in response to the economic crisis would have serious consequences for the global economy, particularly the most trade-dependent developing states, highlighting the critical role of the WTO in levelling the playing field.

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