In an endeavor to fortify collaborative endeavors driving inclusive and sustainable development through trade and economic integration, the World Trade Organization (WTO) Secretariat and the Asian Development Bank (ADB) have inked a Memorandum of Understanding (MoU) in Tbilisi, Georgia. This strategic partnership, signed on 1 May ahead of ADB’s Annual Meeting scheduled for 2-5 May, underscores a shared commitment to advancing environmental sustainability, inclusive growth, and resilience amidst global challenges, particularly in Asia and the Pacific region.
The MoU, signed by WTO Deputy Director-General Jean-Marie Paugam and ADB Vice-President (Sectors and Themes) Fatima Yasmin, signifies a deepening of cooperation aimed at fostering regional collaboration, trade and economic integration, and addressing the trade and environment agenda in line with the priorities of both organizations' respective memberships and observers.
Central to this collaboration is a joint dedication to promoting environmental sustainability, inclusive growth, and resilience in the face of evolving global dynamics. Under the agreement, key areas of cooperation have been identified, including the exchange of information encompassing ongoing studies, organizing joint events, engaging in dialogue with stakeholders, capacity building, producing joint publications, and sharing best practices.
Expressing his enthusiasm about this significant milestone, DDG Paugam highlighted the pivotal role of ADB in addressing the intersection of trade and climate change, echoing the sentiments expressed by ADB President Masatsugu Asakawa during the UN COP28 climate conference last November. Leveraging the combined forces of trade and ADB's investment capabilities holds immense potential to propel economies and regions towards achieving their net-zero ambitions. As this collaboration enters its next phase, the focus will be on advancing joint initiatives to promote trade and environmental sustainability.
The WTO, as the only global international organization dedicated to regulating trade rules among nations, is centered on ensuring smooth, predictable, and free trade flows to elevate living standards in line with sustainable development objectives.
ADB, a multilateral development bank, envisions a poverty-free Asia and Pacific region and is dedicated to assisting its developing members in poverty reduction and enhancing the quality of life for their populations. Positioned as a climate bank for the region, ADB is intensifying efforts to integrate trade and trade policy solutions into its operations.
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