World Bank President Ajay Banga said on Tuesday that lowering trade tariffs (taxes on imports) is good for everyone. He also pointed out that trade between countries and regions has been growing over the last 10 years.
Banga mentioned that many new trade deals, like the CPTPP and RCEP in the Asia-Pacific region, have changed how trade works in those areas.
He said trade between developing countries is growing fast, and almost half of their exports now go to other developing countries.
Banga explained that making trade easier by improving border processes, reducing costs, and creating clear rules can help countries grow more steadily and strongly.
He also said that many developing countries still have higher tariffs than richer ones, which can lead to trade conflicts and make them less competitive. So, he suggested that countries should open up trade more broadly—not just with close partners—to avoid these risks and gain better access to global markets.
Finally, Banga urged countries to keep talking and working together on trade, especially during uncertain economic times.
Source: CGTN
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