New Trade Realities Cause Concern- Trade liberalization, a key dimension of recent globalization, has failed to promote broad structural transformation in developing countries and has instead contributed to increased worldwide inequality, a new United Nations report shows.More positive attitudes to trade liberalization will require more than seductive, but also deceptive slogans such as ‘freer trade lifts all boats’. Instead, a new momentum based on a more inclusive and developmental trade agenda is needed, reflecting the raison d’etre of the United Nations Conference on Trade and Development (UNCTAD), the TDR’s author.
In 2016, East Asia accounted for about 70 per cent of all developing countries’ manufactured exports. Only East Asian developing economies have headquarters of leading transnational corporations. Of the world’s top 2,000 transnational corporations, transnational corporations’ share of profits rose from 7 per cent in 1995 to over 26 per cent in 2015.