EbeneInfo – CA – G20 should boost trade finance for developing countries and support reforms, says WTO official

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A group of 20 major economies should work to provide billions of dollars in trade finance to developing countries to ensure the recovery of the global economy from the Covid-19 pandemic, a said a senior official of the World Trade Organization on Saturday

WTO Deputy Director-General Alan Wolff told G20 leaders it is essential to use trade to help support the economy, facilitate trade in essential medical supplies and reform the framework institutional world trade

« When crops are not moving and factories are idle in the developing world, global recovery will be delayed for all, » Wolff, a US citizen, told leaders, « A trade finance initiative should be seen as an essential element in improving the prospects for economic recovery « 

This year’s World Economic Forum said the Covid-19 pandemic is exacerbating a gap in global trade finance and that we need to tackle now, which was already at $ 1.5 trillion before the crisis began, with more than 50% of requests for financial support to trade rejected

Lack of access to trade finance hits the least developed countries hardest, which already suffer from the high cost of financial transactions

Wolff said close cooperation between international financial institutions, the WTO and major commercial banks would be needed to release trillions of dollars in required funding

G20 leaders to underscore commitment to multilateral trading system in joint statement to be released on Sunday, draft statement says

The Geneva-based world trade body is in turmoil as the administration of US President Donald Trump has blocked both the selection of a new CEO and the functioning of a dispute settlement

Wolff urged G20 leaders to seriously engage in « a major institutional reform effort » and restore the deliberative and negotiating functions of the WTO

Wolff also called for new measures to accelerate the supply of essential medical products where they are needed, including updates to existing agreements to ensure duty-free global trade in pharmaceuticals and equipment medical

He said border barriers and the use of export restrictions should be reduced, ensuring greater transparency and speeding up improved trade facilitation efforts, especially for poorer countries

World Trade Organization, G20, finance, developing countries

EbeneInfo – CA – G20 should boost trade finance for developing countries and support reforms, official says of the WTO
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G20 should boost trade finance for developing countries, support reforms, says WTO official

Source: https://www.hindustantimes.com/business-news/g20-should-boost-trade-financing-for-developing-countries-back-reforms-says-wto-official/story-JLf2WUw7d9BwLeXJddafAI.html

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