The forthcoming Global Review of Aid for Trade, slated for 26 to 28 June at the WTO, will spotlight the theme of "Mainstreaming Trade," announced during a recent Committee on Trade and Development meeting. This biennial event serves as a pivotal platform to address the needs of developing economies and least developed countries (LDCs) in overcoming supply-side constraints hindering their engagement in global trade. Proposals for organizing sessions at the event are open until 31 March 2024, offering stakeholders an opportunity to contribute to shaping the agenda.
Against this backdrop, the meeting highlighted various initiatives aimed at integrating developing economies and LDCs into the global economy. Zambia underscored its focus on standards development to support industrial and trade growth and enhance the participation of micro, small, and medium-sized enterprises (MSMEs). Additionally, the Economic Community of West African States (ECOWAS) outlined its E-Commerce Strategy and Implementation Plan, aimed at leveraging e-commerce to create jobs and diversify economies.
Moreover, the meeting showcased international financial institutions' efforts to support trade and development. Notably, the African Development Bank mobilized USD 2 billion through its Sustainable Bond program to address climate change and inclusive growth in Africa. Similarly, the Asian Development Bank's initiatives have aided millions of MSMEs, including those led by women, in enhancing their participation in global supply chains.
Furthermore, Aid for Trade activities have been instrumental in promoting trade capacity-building initiatives. The United Nations Conference on Trade and Development highlighted upcoming events focusing on enhancing developing economies' participation in e-commerce, while the United Nations Industrial Development Organization emphasized initiatives to bolster agro-industrial capacities in African rural areas.
In addition, various trade policy reviews and development projects underscored countries' commitment to advancing trade and development agendas. Chinese Taipei and Türkiye shared insights into their development assistance efforts and strategies to enhance exports, respectively. Moreover, initiatives such as the Enhanced Integrated Framework and the Standards and Trade Development Facility continue to support developing economies and LDCs in various trade-related endeavors.
Overall, the Global Review of Aid for Trade 2024 reaffirms the importance of mainstreaming trade into development strategies to promote inclusive and sustainable economic growth worldwide.
