Global Trade refers to the exchange of goods and services between countries around the world. It encompasses all international economic transactions, including imports and exports, and plays a crucial role in the global economy. Global trade enables nations to access resources, technologies, and products that may not be available domestically, fostering economic growth and development. It is influenced by various factors, including trade agreements, tariffs, exchange rates, and geopolitical relationships. The concept is essential for understanding how economies are interconnected and the impact of globalization on local and international markets. Global trade can also involve a range of sectors, including agriculture, industry, and services, and is often measured by the total value of trade that takes place between nations.
The U.S. opted out of endorsing a WTO statement condemning Russia's actions in Ukraine, marking a strategic diplomatic shift. Over forty WTO members, including key allies like the EU and…