World Bank Group President Ajay Banga emphasized the universal benefits of lowering trade barriers during the 2025 Spring Meetings of the World Bank and IMF, highlighting a surge in inter-regional trade agreements reshaping global commerce. ‘Lower tariffs are good for everybody,’ Banga stated, pointing to recent bilateral and regional deals like the CPTPP and RCEP as transformative for Asia-Pacific economies.
Speaking at the event, Banga noted that nearly half of exports from developing economies now flow to other emerging markets, underscoring untapped potential in regional integration. He urged streamlined border processes, reduced trade costs, and clear rules of origin to enhance trade volumes and economic diversification. ‘Strengthening regional ties can support more stable growth,’ he said, warning that high tariffs in developing nations risk triggering reciprocal measures and stifling competitiveness.
The World Bank president also cautioned against geopolitical uncertainty, advocating for broad-based trade liberalization rather than exclusive partnerships. ‘History shows open economies grow faster and withstand shocks more effectively,’ he remarked, calling for dialogue to address trade challenges and foster a resilient global market.
