Geneva, 27 July 2022 (TDI): The World Trade Organization (WTO) has announced the start of its Aid4Trade Global Review from 27th July to 29th July 2022.
The setting for this year’s Global Review is in a time of overlapping crises. The COVID-19 epidemic is still affecting people’s health and disrupting international trade.
Every economy is under pressure from inflation, which disproportionately affects the poor the most. Additionally, it places a further load on already stretched public budgets.
The crisis in Ukraine and the worries it has raised about food security have made the situation even worse.
Trade still plays a significant role in driving economic growth, as well as poverty reduction and women’s economic empowerment. The shift to low-carbon growth models and a just climate transition both depend heavily on trade.
WTO’s Aid for Trade
Aid for Trade aims to give developing nations and especially least-developed nations (LDCs) the tools they need to promote economic growth, sustainable development, and poverty alleviation.
It encourages developing nations, especially LDCs, to join the multilateral trading system. It also works to mobilize support for the development of supply-side infrastructure and trade-related capacities in these nations. This helps in boosting the trade performance of the states.
Future Objectives of Aid for Trade 2022
Against the backdrop of these collective crises, the Global Review intends to prioritize certain objectives in its Aid for Trade 2022.
These include Trade Facilitation, Women’s Economic Development, Digital connectivity, environmentally sustainable development, Export Diversification, and Global Value Chains (GVCs).
Moreover, E-Commerce, Development Financing, gender-related Programs, and Public-private sector engagement are also the priorities of Aid for Trade.
The 3-day event will comprise an elongated series of events. Multiple social events, side events, and plenaries will be conducted in the 53 sessions of the event.
WTO has developed this program for maximum benefit to global trade, especially to the under-developed states.