Page 11 - Policy Economic Report - December 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The multilateral trading system itself is under severe strain. The World Trade Organization’s dispute-
settlement mechanism remains paralyzed, and progress toward broader reform has slowed. The appetite
for deep trade agreements has withered: only about six agreements per year have been signed in the
2020–24 period, less than half the pace of the 2000s, while the appetite for restrictions appears insatiable.

Figure 6: Trade agreements

Source- World Bank

Nevertheless, global trade has shown surprising resilience this year. In 2025, global goods trade volumes
expanded at an average monthly rate of 4.7% through August, a notable acceleration from 2.7% in 2024
and a sharp rebound from a 0.7% contraction in 2023. Goods trade has avoided the sharp contraction that
many had feared earlier in the year.

Figure 7: Goods trade growth

Source- World Bank Page | 10

November 2025