![]() So let us relocate production and manufacturing in developing countries and use that as a means of bringing them in. “Trade is not a panacea and some people have been left behind, but we can use it as an instrument to bring people back into global value chains. Looking forward, she said that deconcentrating manufacturing capacity and diversifying supply chains will be essential. Indeed, the pandemic has underscored the critical role that trade plays in delivering development outcomes in areas such as the digital economy, and in helping countries face the challenges posed by climate change,” she noted. “The COVID-19 pandemic has not resulted in downgrading trade as a priority in the development strategies of developing countries. ![]() She emphasized that developing countries and donors are counting now more than ever on the multilateral trading system to provide a way out. ![]() “We must seek to ensure a more equitable distribution of Aid for Trade resources to ensure that it reaches those that need it the most.” Is it making the right impact when developing countries are in tight financial straits, under debt distress and severe inflationary pressures?” she asked.ĭG Okonjo-Iweala referred to the recent economic forecast downgrade by the IMF, which reflects stalling growth in the world’s three largest economies - the United States, China and the euro area - with important consequences for the global outlook.Īgainst this background, DG Okonjo-Iweala stressed that more must be done to help developing countries weather the current economic headwinds. She noted that Aid for Trade is making a difference to people's lives and livelihoods but stressed that whilst disbursements have been increasing, reaching almost USD 49 billion in 2020, some questions remain. Of this, more than 20% or USD 114 billion has been provided by the international financial institutions. In her opening remarks, WTO Director-General Ngozi Okonjo-Iweala said: “These institutions, which have a growing role in supporting sustainable development and supplying local public goods, are also at the forefront of addressing trade-related capacity and infrastructure issues, which continue to roll back the economic integration of many developing and least developed countries (LDCs).”ĭG Okonjo-Iweala noted that since the launch of the Aid for Trade initiative in 2006, some USD 556 billion has been disbursed by development banks and bilateral donor countries. These issues are converging at a time when the need to take action on greenhouse gas emissions and to support a just transition to a low-carbon model of growth has never been more pressing, they said. Heads of the five agencies examined how the multiple crises facing the world are impinging on the trade and development prospects of developing economies, with countries everywhere facing inflationary pressures and high food and energy prices, hitting the poorest people the hardest.
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