Consequently, it may be argued that long-term trade recovery depends on trends in GDP growth as well as on how the relationship between trade and GDP unfolds and whether relevant initiatives to further stimulate demand and trade are implemented. These may include stimulating demand for investment goods (for example,capital goods, transport and equipment) that are more import intensive; reorganizing supply chains with a new scope for the division of international labour, including in South Asia, sub-Saharan Africa and South America;increasing trade finance; furthering the liberalization of trade and reducing protective measures. In this respect,the potential for greater trade liberalization is firming up with the adoption of the World Trade Organization (WTO) Trade Facilitation Agreement (TFA) and the negotiations relating to the potential expansion of the WTO Information Technology Agreement. Other initiatives including,
among others, the Transatlantic Trade and Investment Partnership between the European Union and the United States, which could raise the transatlantic annual GDP by $210 billion (Francois et al., 2013) and the Trans-Pacific Partnership, which could boost world income by $295 billion, also have the potential to further stimulate
global trade (Petri and Plummer, 2012).