Integration into the world economyhas proven a powerful instrument for countries to promoteeconomic growth, development, and poverty reduction. Tradehas been an engine of growth for the past fifty years, owingin part to eight successive rounds of multilateral tradeliberalization, as well as unilateral and regional tradeliberalization. The growing integration of the world economyhas raised living standards and brought increasedopportunity to many parts of the globe. Many developingcountries have shared in this prosperity. As a group,developing countries have become much more important inworld trade, and their trade relationships have changedmarkedly from the traditional north-south pattern.Developing countries now account for one-third of worldtrade, up from about a quarter in the early 1970s, and manyhave substantially increased their exports of manufacturesand services relative to traditional commodity exports. Theshare of manufactures in developing country exports hasrisen to 80 percent; moreover, trade between developingcountries has grown rapidly, with 40 percent of theirexports now going to other developing countries.
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