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).