A group of 20 major economies should work to bring trillions of trillions in trade finance to developing countries to help ensure world economies recover from the Covid-19 pandemic, a World Trade Organization top official said on Saturday.
WTO Deputy Director General Alan Wolff told G20 leaders it was crucial to use trade to draw the economy, facilitate trade in essential medical supplies, and provide the institutional framework for the Reform world trade.
« If the harvests do not move and the factories in developing countries stand still, the global recovery will be delayed for everyone, » said Wolff, a U. . S.. . Citizens, said the leaders. “A trade finance initiative should be seen as an essential part of improving the prospects for economic recovery. ”
The World Economic Forum this year said the Covid-19 pandemic is exacerbating a gap in global trade finance and we need to address it now, which was already at $ 1. 5 trillion before the crisis began, with over 50% of requests for trade financial support denied.
Lack of access to trade finance hits the least developed countries hardest, which are already suffering from the high costs of financial transactions.
Wolff said close cooperation between international financial institutions, the WTO and the major commercial banks is needed to free up trillions of dollars in necessary funding.
The G20 heads of state and government will underline their commitment to the multilateral trading system in a joint declaration to be published on Sunday, as a draft of the communique shows.
The Geneva-based World Trade Organization is in turmoil as outbound U administration is in place. S.. . President Donald Trump has blocked both the selection of a new director general and the functioning of a dispute settlement body.
Wolff called on the heads of state and government of the G20 to seriously participate in « major institutional reform efforts » and to restore the advisory and negotiating functions of the WTO.
Wolff also called for new measures to expedite the delivery of essential medical products where they are needed, including updates to existing agreements to ensure duty-free global trade in drugs and medical devices.
He said that border barriers and the application of export restrictions should be dismantled, which would add much more transparency and accelerate efforts to facilitate trade, especially for the poorest countries.
World Trade Organization, G20, Finance, Developing Country
World News – CA – G20 should boost trade finance for developing countries, support reforms, says WTO official
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– G20 should boost trade finance for developing countries, support reforms, says WTO official
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