These three key questions form the themes of this year’s Global Review in a world convulsed by the ongoing Covid-19 pandemic, the war in Ukraine, food insecurity and climate change, the World Trade Organization (WTO) Chair stressed in a plenary session.
The meeting launched the 2022 Aid for Trade Global Review in this body, which pays particular attention to how it can help developing and least developed countries recover from multiple crises and build their resilience to achieve long-term sustainable development to guarantee.
Okonjo-Iweala further argued that the Aid for Trade initiative can and should aim to support the development of critical trade infrastructure while supporting climate-friendly, resilient and socio-economically inclusive outcomes.
According to data presented at the meeting, a joint report by the WTO and the Organization for Economic Co-operation and Development on Aid for Trade in 2022 shows that commitments in this area increased by 18 percent in 2020, reaching an all-time high of 64 thousand 600 million dollars.
The text also specified that a total of $556 billion of that aid was disbursed between 2006 and 2020.
It also found that 51 percent of the approximately $33 billion in aid-for-trade pledges made in 2020 include climate-related targets.
In this context, he stressed that environmental issues are increasingly playing a role in the development and trade strategies of developing and least developed countries.
The WTO Director-General reported that disbursements for analyzed aid to digital connectivity and e-commerce have increased 23 percent since 2018, but at $487 million still represent a modest percent of 2020 spending, he noted.
There is a lot of room to do a lot more in this promising area, the official said.
In her speech, Okonjo-Iweala emphasized that women’s economic empowerment is an issue that is beginning to receive the attention it deserves as a priority in development strategies.
He also advocated for greater private sector involvement in trade-related development assistance to ensure recovery and resilience, and suggested changing the name “Aid for Trade” to “Investment for Trade” to reflect the importance of greater cooperation between the public and highlight the private sector.
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