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But more data and innovative and multidisciplinary policy responses are needed to enhance the development impacts of creative industries, especially in developing countries.

But the positive trend for international trade may soon come to an end amid tightening policies and geopolitical frictions.

UNCTAD reflects on the past two years of the pandemic to derive valuable lessons for the future.

Heads of the two UN bodies call on world trade ministers to align policy and action to achieve global food security.

UNCTAD’s rapid assessment of the war’s impact on trade and development shows a rapidly worsening outlook for the world economy, with the situation especially alarming for African and least developed countries.

All major trading economies saw imports and exports rise above pre-pandemic levels in the fourth quarter of 2021, with trade in goods increasing more strongly in the developing world than in developed countries.

A new free trade agreement, covering a third of the world economy, will eliminate 90% of tariffs among 15 East Asian and Pacific countries and is expected to boost intraregional exports by $42 billion.

UNCTAD estimates show that in the third quarter of 2021 world trade continued its strong recovery from the COVID-19 pandemic – albeit unevenly across countries and sectors.

The mechanism could help avoid “carbon leakage”, but its impact on climate change would be limited – only a 0.1% drop in global CO2 emissions – with higher trade costs for developing countries.

Economic losses are mounting in developing countries due to the absence of widespread COVID-19 vaccinations.