The World Trade Organization (WTO) on Monday (13.07.2020) called for trade to remain open during the COVID-19 crisis, which has had a significant impact on the global supply chain.
In a report presented at the United Nations High-Level Political Forum (7-16 July), the WTO considers trade, fiscal and monetary policies essential to support and achieve the Sustainable Development Goals.
The international organization that deals with the rules governing trade between countries, Calls for promoting a favourable environment for businesses in order to promote the new investments necessary to achieve these objectives, an initiative promoted by the United Nations in 2015 and adopted by its members.
The WTO document highlights that the multilateral trading system has contributed significantly to unprecedented development in recent decades.
However, he notes that the increase in trade restrictive measures since 2019, mainly between major economies, and the suspension of the activities of the Appellate Body of the entity have created new challenges for the multilateral system.
«At this time of crisis, the multilateral trading system becomes even more important, providing a forum for a coordinated response to the COVID-19 pandemic.", he highlights.
The report also summarises recent developments in WTO multilateral trade negotiations, as well as discussions in the Committee on Trade and Environment on issues such as the circular economy, regional initiatives on waste management and recycling and chemicals.
At the same time, underlines the Importance of improving transparency in trade policies of the members, particularly those taken in response to the crisis generated by the pandemic.
Another topic covered by the report is that of gender-sensitive trade policies as a means to increasing women's participation in global trade and contribute to economic growth.
These efforts – she recalls – were catalyzed by the signing of the Buenos Aires Declaration on Trade and Women's Economic Empowerment in December 2017 and the implementation of the WTO Trade and Gender Action Plan for 2017-2019.
The United Nations High-Level Political Forum on Sustainable Development is the organization's main platform for monitoring and analyzing the 2030 Agenda, which takes place every year in New York.
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