Global trade hit a record 33 trillion U.S. dollars in 2024, marking a 3.7-percent increase from 2023, showed a report released Friday by the United Nations Trade and Development (UNCTAD).
The growth was driven by services, which rose 9 percent and accounted for nearly 60 percent of the total growth, the Global Trade Update report says, adding that trade in goods grew 2 percent.
Developing economies outpaced developed nations in 2024, with imports and exports rising 4 percent for the year and 2 percent in the fourth quarter.
Foreign trade of China and India both showed strong growth momentum in the fourth quarter of 2024, the report says.
Meanwhile, developed economies' trade stagnated, with imports and exports flat for the year and down 2 percent in the last quarter, it says.
The report highlights mounting geoeconomic tensions, protectionist policies and trade disputes that could disrupt trade ahead, despite signs of trade stability in early 2025.
The report calls for efforts to prevent the formation of isolated trade blocs and avoid undermining long-term growth by properly managing policy shifts.
Global trade hits record 33 trillion USD in 2024: UN report
Global trade hits record 33 trillion USD in 2024: UN report
Switzerland's foreign ministry announced on Thursday that the United States and Iran will hold talks in Switzerland on Friday with mediators.
The ministry said the talks are scheduled to take place in Burgenstock, Switzerland, and mediators from Pakistan, Qatar, and other relevant countries will participate in these initial negotiations to discuss the implementation of the U.S.-Iran peace deal.
Also on Thursday, Iran's Tasnim news agency quoted informed sources as saying that the Iranian delegation's trip to Switzerland had not been finalized.
If it is confirmed that the Iranian delegation will go to Switzerland, further details will be released, according to the informed sources.
Meanwhile, Lebanon's Al Mayadeen TV also quoted sources as saying that, due to the ongoing Israeli attacks in southern Lebanon, the Iranian negotiating team has postponed its trip to Switzerland.
Furthermore, Pakistan's Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar confirmed to local media on Thursday that Prime Minister Shehbaz Sharif had canceled his planned visit to Switzerland.
Dar said that the United States and Iran had already signed a memorandum of understanding remotely, and Shehbaz, as a mediator, had also signed.
Therefore, the signing ceremony originally scheduled for Friday in Switzerland has been canceled, Dar said.
US-Iran talks set for Friday in Switzerland: Swiss foreign ministry
