Trade negotiations are evolving in response to new technologies, economic priorities, and global developments. Here are 10 key trends shaping trade talks in 2024:

1. Rise of plurilateral agreements

With stalled WTO negotiations, more countries are opting for plurilateral deals between smaller groups of like-minded nations. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) are two significant trade agreements that China in particular has been eyeing. Both agreements have seen significant attention in 2023 and discussions have been evolving with strong traction seen this year.

2. Increasing focus on digital trade

Rules on digital trade, data flows, source codes, and AI are increasingly featured in modern trade pacts like the Digital Economy Partnership Agreement (DEPA).

3. Prioritization of SMEs

Negotiators are under pressure to craft provisions that simplify trade for SMEs, including streamlined customs procedures, reduced regulatory burdens, and SME trade financing.

4. Climate action in trade deals

Green clauses, carbon border taxes, and enforceable climate commitments are becoming fixtures in agreements like the EU-UK TCA.

5. Labor and environmental standards

Linking market access to improved social and environmental standards has grown, as seen in the USMCA deal.

6. Updating services trade rules

Modernizing rules for services trade and addressing barriers in sectors like finance, telecoms, and transport is a key priority.

7. E-commerce and digital taxation

Updating the WTO's 1998 e-commerce rules and setting standards on digital taxation remain thorny issues under negotiation.

8. Supply chain resilience and climate security

The pandemic spotlighted dependence on certain imports, driving negotiations to strengthen supply chain resilience through trade diversification.

9. Regional integration

Continued focus on major regional trade blocs like the African Continental Free Trade Area (AfCFTA) and deepening integration through agreements like the CPTPP.

10. New technologies for talks

Virtual negotiations, AI-assisted data analysis, machine translations, and collaborative drafting platforms evolved during COVID-19 restrictions. Their use is likely to continue expanding.

As the trading landscape evolves, these trends point to increasing complexity and new priorities facing negotiators. Striking agreements that meet diverse stakeholder needs while enabling sustainable development will be pivotal challenges in trade talks ahead.