A changing world economy calls for stronger trade partnerships
In a changing global economy, openness and trade do not automatically translate into development gains. Developing countries need the capacity to diversify exports, move up value chains and build stronger regional partnerships.
These challenges were at the centre of discussions in Shanghai, China, during the 9th China International Import Expo and Hongqiao International Economic Forum.
UN Trade and Development (UNCTAD) has been a longstanding partner since the Expo’s launch in 2018.
Exporting to China: Potential for further growth
As one of the world’s largest import markets, China offers significant opportunities for developing economies.
A new “Export-to-China Capacity Development Report”, produced with contributions from UNCTAD, examines trade opportunities for ten economies.
It identifies products with potential to expand in the Chinese market, including cosmetics and fruit juices from Spain, carpets from Pakistan and coffee from Tanzania.
The report also highlights scope to broaden and diversify exports to China. Realizing these opportunities, however, requires more than identifying promising products.
Efficient ports and customs, reliable infrastructure and the capacity to meet product standards are also essential for businesses to compete in the Chinese market.
The report examines these practical constraints and outlines areas where stronger domestic capacities can help exporters overcome them.
Renewing the push for inclusive global economic governance
At a session of the Hongqiao International Economic Forum, UNCTAD highlighted the importance of deeper economic and trade cooperation among BRICS members and their partners.
Originally comprising five major emerging economies – Brazil, the Russian Federation, India, China and South Africa – BRICS has since expanded to include Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Together, the grouping accounts for around 27% of global output, giving stronger trade links considerable potential to expand intra-group trade, develop regional value chains and foster broader South-South cooperation.
The significance of BRICS+ lies not only in its growing weight in the global economy, but also in its potential to support better development outcomes across the global South.
This includes helping more developing countries diversify their economies, build industrial capabilities, foster innovation and participate more effectively in regional and global value chains.
A stronger voice for developing countries can help make global economic governance more inclusive and responsive to their development priorities.
Deeper South-South cooperation and new economic partnerships can complement existing multilateral frameworks rather than weaken them, experts said at the session.
South-South cooperation ‘ever more vital’ for inclusive development
Such cooperation is increasingly important as the global economy faces diverging growth paths and mounting pressures.
As the Trade and Development Report 2026 shows, geoeconomics is reshaping development narratives and strategies.
Fragmentation in trade policy, rising national security concerns, the resurgence of industrial policies and technological revolution are testing the economic resilience and development prospects of the global South.
“In this new landscape, rethinking development strategies at the national level is no longer enough,” said Luz María de la Mora, Director of UNCTAD’s Division on International Trade and Commodities, at the forum.
“Regional cooperation, and cooperation among the countries of the global South in particular, has become ever more vital, both for meeting shared challenges and for building resilience together.”
Building partnerships in a fragmented global economy
The case for stronger partnerships is also reinforced by shifts in the global trade landscape.
While global trade reached a record $35 trillion in 2025, openness is under pressure.
Governments are increasingly using trade policies to pursue strategic objectives related to growth, resilience, technological leadership and economic security.
“The result is what we call ‘selective fragmentation’. Global trade is not shrinking, but it is being reorganized,” said Ms de la Mora.
A predictable, rules-based multilateral trading system therefore remains essential to ensuring that developing countries can benefit from global trade.
Sustainable industrial partnerships also have an important role to play.
By going beyond commercial transactions, they can help develop local suppliers, transfer skills, support technology adoption and create opportunities for smaller businesses to participate in regional and global value chains.
Source: UNCTAD
