Leaders of three major international organizations highlighted the role of trade and called for “coordinated and multilateral action” to address the current crisis.
In a text released on Monday (25.07.2022), the Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Rebeca Grynspan, the Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala and the Executive Director of the International Trade Centre (ITC) Pamela Coke-Hamilton considered that this period is the toughest that the world economy has known since the creation of the multilateral trading system, characterized by a quadruple shock.
In this regard, they indicated that such a clash is characterized by the Covid-19 pandemic, climate change, conflicts between countries and the cost of living, which have destroyed years of hard-fought achievements.
“As financial conditions tighten, even countries that seemed on the path to prosperity and stability are now staring into the abyss of debt distress, fragility and uncertainty about the future,” they said.
The leaders said that “for aid and trade to contribute to a better world, policymakers must take into account three key aspects.” They advocated for trade to be greener, more inclusive and more connected.
For starters, “preliminary research conducted at the WTO, the elimination of tariffs and regulatory barriers to trade on a set of energy-related environmental goods would allow global CO2 emissions to be reduced by 0.6% in 2030, only thanks to improved energy efficiency,” they noted.
They also suggested “promoting greater trade by small businesses” and added that “greater participation by women and young people makes companies and countries more competitive, drives economic transformation and reduces poverty,” despite the fact that “ITC business surveys revealed that only one in five exporting companies is run by women.”
They also commented that the future lies in a “more connected” exchange through digital channels and platforms, especially in the case of small businesses. According to UNCTAD data, services provided digitally accounted for almost two-thirds of the level of global services exports.
Regarding aid for trade, they announced that These issues will be discussed at the upcoming Global Review of Aid for Trade, taking place from 27 to 29 July in Geneva.
The heads of international organisations called for a focus on countries with the greatest trade and development needs, particularly least developed countries and fragile or conflict-affected countries.
"Aid, trade and multilateralism, working together, are part of the solution," they concluded.
The responsibilities of such bodies include: the WTO creates and oversees the rules for global trade, UNCTAD provides research and consensus building to guide governments, and the ITC helps small businesses go global, especially those run by women.Note by UNCTAD Secretary-General Rebeca Grynspan, WTO Director-General Ngozi Okonjo-Iweala and International Trade Centre Executive Director Pamela Coke-Hamilton)
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