Theme of 2024 WTO Aid-for-Trade review 'Mainstreaming Trade'

The biennial review highlights areas where developing economies and least developed countries (LDCs) need support to overcome supply-side constraints limiting their participation in global trade.

At the meeting, members were also updated on initiatives by partner organisations to further the integration of developing economies and LDCs into the global economy, an official release said.

AT the meeting, LDC Zambia said that the development of standards to support industrial and trade growth and increase the participation of micro, small and medium enterprises (MSMEs) in the economy are high on its agenda.

The African Development Bank said $2 billion has been mobilised for three years under the Sustainable Bond programme, through which it is financing projects to support climate change and inclusive growth in Africa.

The Asian Development Bank noted that it has supported 47.5 billion MSMEs—of which 46.1 million are owned or led by women—in boosting their participation in global supply chains and international trade. Projects have focused on infrastructure capacity-building, access to finance, digital connectivity and policy reform.

The European Bank for Reconstruction and Development highlighted current projects relating to digital connectivity, food security, trade facilitation and increasing the participation of MSMEs in world trade.

The UN Conference on Trade and Development drew attention to the ‘Shaping the Future of the Digital Economy’ conference, to be held from May 6 to 8 in Geneva, which will look at how to enhance developing economies' participation in e-commerce.

China provided an update on its Aid-for-Trade activities last year, including development of trade-related transportation infrastructure and organising seminars on trade facilitation and e-commerce.

The Enhanced Integrated Framework (EIF) said that over half of its projects seek to boost agriculture capacities in LDCs and referred to 100 ongoing initiatives on e-commerce.

EIF announced the establishment of an Interim Facility to continue its operations this year following the upcoming conclusion of the second phase of the EIF and until a new multilateral support mechanism for LDCs becomes operational.

Fibre2Fashion News Desk (DS)