No Country Should be Left behind in Post-COVID-19 Recovery, Says Okonjo-Iweala

The Director-General of the World Trade Organisation (WTO), Dr.
Ngozi Okonjo-Iweala, has stressed the need to keep global trade
flows open to ensure that developing and least-developed countries
have access to essential medical goods to control the spread of
COVID-19 and are able to use trade to drive sustainable economic
recovery.

Okonjo-Iweala, while speaking yesterday alongside other heads of
international organisations during the first day of a high-level
virtual plenary session of the Aid for Trade Stocktaking Event,
said the global trade community must act swiftly to mitigate the
severe impact of the COVID-19 crisis on developing countries and in
particular, least-developed countries (LDCs).

The speakers, including the World Health Organisation
Director-General, Tedros Adhanom Ghebreyesus; International
Monetary Fund Managing Director, Kristalina Georgieva and World
Bank’s President, David Malpass, stated that the LDCs had been hit
the hardest by trade and economic disruptions arising from the
pandemic.

They noted that from the supply of health products such as masks
to the approval and rollout of vaccines, the multilateral trading
system plays a crucial role in ensuring that no one is left behind
in the post-pandemic trade and economic recovery process.

Okonjo-Iweala said: “Today, the pandemic is reversing hard-won
development gains, adding to the problems facing the most
vulnerable.

“The post-COVID recovery must not leave anyone, or any country,
behind. The first step towards this goal must be a rapid, global
vaccine rollout that ends the pandemic.

“We need more trade cooperation to address supply bottlenecks,
lower regulatory hurdles, facilitate trade and finance vaccine
purchases. “Keeping global markets open is essential for a strong
and sustained recovery.

“The organisations and members that have cooperated on the Aid
for Trade initiative have made a huge difference in peoples’ lives.
“Working together now to invest in the recovery of trading partners
is not just the right thing to do.

“Building back a greener, more equitable, more prosperous global
economy is a matter of economic self-interest for all
countries.”

The speakers provided an overview of global trade flows,
pointing to a broad recovery of goods trade driven by medical
products.

They noted that services trade was also rising but at a slower
pace. They underlined the important role that global cooperation
has played in maintaining the flow of goods and food and called for
keeping export restraints in check.

According to them, an inclusive, robust and green economic
recovery will require open markets and continued mobilising of
trade financing to help developing countries and LDCs build
resilience to future shocks and alleviate extreme poverty.

Through initiatives such as Aid for Trade, the global community
could help address these countries’ trade needs so that they may
play a more active role in global trade and meet their development
objectives, the speakers said.

In his contribution, Ghebreyesus said: “The pandemic is a
devastating demonstration that health and the economy are
integrated and interdependent.

“When health is at risk, everything is at risk. But when health
is protected and promoted, individuals, families, communities,
economies and nations can flourish.

“The pandemic will subside, but there will be another one. And
countries will continue to face myriad health challenges that sap
productivity, fuel inequality and hold nations back.”

Also, Georgieva said a rebound in trade, if managed properly,
could lead to growth and raise living standards in the developing
world.

“And we know trade increases job opportunities, trade increases
access for poor households to affordable goods and services. “Trade
will be at the heart of efforts to build forward towards a greener,
more inclusive and digital recovery.

“We get a chance to transform our economies — a chance to make
them smart, green, more equitable. Trade can play a hugely
important role in that regard,” she added.

On his part, Malpass stated that as countries formulate policies
for recovery, they have a chance to embark on a green, resilient
and inclusive development path, setting a foundation for robust
growth and development in the longer run.

“To build back better, we need more trade. If countries work to
open their economies and lower trade costs through improved
logistics and connectivity, the recovery from COVID-19 will be much
faster and stronger.

“We need to ensure a level playing field, governed by
transparent and predictable rules. Reducing trade policy
uncertainty will be critical to reviving global investment and
growth,” he added.

The Director-General of the World Trade Organisation (WTO), Dr.
Ngozi Okonjo-Iweala, has stressed the need to keep global trade
flows open to ensure that developing and least-developed countries
have access to essential medical goods to control the spread of
COVID-19 and are able to use trade to drive sustainable economic
recovery.

Okonjo-Iweala, while speaking yesterday alongside other heads of
international organisations during the first day of a high-level
virtual plenary session of the Aid for Trade Stocktaking Event,
said the global trade community must act swiftly to mitigate the
severe impact of the COVID-19 crisis on developing countries and in
particular, least-developed countries (LDCs).

The speakers, including the World Health Organisation
Director-General, Tedros Adhanom Ghebreyesus; International
Monetary Fund Managing Director, Kristalina Georgieva and World
Bank’s President, David Malpass, stated that the LDCs had been hit
the hardest by trade and economic disruptions arising from the
pandemic.

They noted that from the supply of health products such as masks
to the approval and rollout of vaccines, the multilateral trading
system plays a crucial role in ensuring that no one is left behind
in the post-pandemic trade and economic recovery process.

Okonjo-Iweala said: “Today, the pandemic is reversing hard-won
development gains, adding to the problems facing the most
vulnerable.

“The post-COVID recovery must not leave anyone, or any country,
behind. The first step towards this goal must be a rapid, global
vaccine rollout that ends the pandemic.

“We need more trade cooperation to address supply bottlenecks,
lower regulatory hurdles, facilitate trade and finance vaccine
purchases. “Keeping global markets open is essential for a strong
and sustained recovery.

“The organisations and members that have cooperated on the Aid
for Trade initiative have made a huge difference in peoples’ lives.
“Working together now to invest in the recovery of trading partners
is not just the right thing to do.

“Building back a greener, more equitable, more prosperous global
economy is a matter of economic self-interest for all
countries.”

The speakers provided an overview of global trade flows,
pointing to a broad recovery of goods trade driven by medical
products.

They noted that services trade was also rising but at a slower
pace. They underlined the important role that global cooperation
has played in maintaining the flow of goods and food and called for
keeping export restraints in check.

According to them, an inclusive, robust and green economic
recovery will require open markets and continued mobilising of
trade financing to help developing countries and LDCs build
resilience to future shocks and alleviate extreme poverty.

Through initiatives such as Aid for Trade, the global community
could help address these countries’ trade needs so that they may
play a more active role in global trade and meet their development
objectives, the speakers said.

In his contribution, Ghebreyesus said: “The pandemic is a
devastating demonstration that health and the economy are
integrated and interdependent.

“When health is at risk, everything is at risk. But when health
is protected and promoted, individuals, families, communities,
economies and nations can flourish.

“The pandemic will subside, but there will be another one. And
countries will continue to face myriad health challenges that sap
productivity, fuel inequality and hold nations back.”

Also, Georgieva said a rebound in trade, if managed properly,
could lead to growth and raise living standards in the developing
world.

“And we know trade increases job opportunities, trade increases
access for poor households to affordable goods and services. “Trade
will be at the heart of efforts to build forward towards a greener,
more inclusive and digital recovery.

“We get a chance to transform our economies — a chance to make
them smart, green, more equitable. Trade can play a hugely
important role in that regard,” she added.

On his part, Malpass stated that as countries formulate policies
for recovery, they have a chance to embark on a green, resilient
and inclusive development path, setting a foundation for robust
growth and development in the longer run.

“To build back better, we need more trade. If countries work to
open their economies and lower trade costs through improved
logistics and connectivity, the recovery from COVID-19 will be much
faster and stronger.

“We need to ensure a level playing field, governed by
transparent and predictable rules. Reducing trade policy
uncertainty will be critical to reviving global investment and
growth,” he added.