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
The Council of the European Union (EU) said in a statement on Monday that it had decided to extend the mandate of the EU Military Assistance Mission in support of Ukraine (EUMAM Ukraine) for another two years, until Nov 15, 2028, and establish a presence in Ukraine.
Nearly 300 million euros (about 336.3 million U.S. dollars) has been allocated for the extended period. The planned presence in Ukraine aims to ensure direct and effective coordination with Ukrainian military authorities, the Ukrainian Armed Forces (UAF) and like-minded international partners, including the United States, the United Kingdom, Canada and Norway.
The mission will also cooperate with the Coalition of the Willing and NATO under the NATO Security Assistance and Training for Ukraine (NSATU) command, said the statement.
The decision follows a recent strategic review of EUMAM, which led to an expansion of the mission's mandate, with a focus on ensuring that EU training evolves in line with the UAF's needs, drawing lessons from the battlefield and strengthening military training in support of Ukraine's defense agenda, according to the statement.
The Council described the mission as a key instrument of the EU's military support for Ukraine. Since its establishment in October 2022 at Ukraine's request, the mission has trained more than 100,000 soldiers.
Established by a Council decision on Oct 17, 2022, EUMAM Ukraine initially had a two-year mandate. The mission provides individual, collective and specialized training to the UAF in EU member states and coordinates and synchronizes training delivered by member states. The mission is financed by the European Peace Facility.
EU extends military assistance mission, plans presence in Ukraine
