Trade to the Rescue: Unleashing Global Trade to Support Economic Growth

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Trade to the Rescue: Unleashing Global Trade to Support Economic Growth

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Expanding trade flows can be part of the solutions to global challenges, when accompanied by the right policies. World Bank President David Malpass and WTO Director General Ngozi Onkonjo-Iweala discussed how global trade has limited the extend of the current global recession and laid out the practical steps countries could take to spread the benefits of trade more widely. Trade costs, on average, are equal to a 114 percent tariff on imported goods in developing countries. Much of that burden on consumers is the result of inefficient border procedures and poor transportation infrastructure.  Trade facilitation reforms and investment in infrastructure could give a big boost to trade within regions. Betty Maina, Kenya’s Minister of Industrialization, Trade and Enterprise Development, spoke of how trade liberalization is a central part of her country’s aspirations for incomes and development.

“Trade can be a powerful catalyst for growth and social economic development and poverty reduction, particularly if we implement it with the poor in mind,” Maina said.

Leaders from the public and private sectors discussed the importance of investments in logistics and expanding trade finance that could strengthen the contribution of trade to economic recovery, and noted the ways that trade could help developing countries mitigate and adapt to climate change. 

Event Program

Quiz results

TOP VOTED QUESTIONS FROM THE AUDIENCE

131 VOTES / Ricardo
How can we use trade to lift poor countries out of underdevelopment?

105 VOTES / Eileen Murphy
If international trade is to be part of the solution to economic recovery - how do we ensure it is sustainable?

80 VOTES / Isa kwambo Dagona
How can you tackle unemployment in African countries? We have graduates who don’t have work and they remain in poverty

60 VOTES / Asmarelda Chivore
Has trade finance for developing countries been increasing over the past 10 years, and what are the expectations for the future regarding stimulating trade in view of the global COVID-19 pandemic?

54 VOTES / Maxwell Masego
In Africa, our problem is small businesses who are disintegrated but could do better if they were grouped to allow for consolidated stock supply. How can this barrier be overcome for more trade?

Meet our Expert Live Bloggers

Senior Private Sector Specialist, World Bank Group
Program Lead of the Global Trade Finance Program, IFC
Senior Economist, Macroeconomics, Trade & Investment, World Bank Group

Read the chat below

 

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ANNUAL MEETINGS 2021

Tune in, ask questions, and share your views with participants from all over the world during the 2021 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF).

Watch the World Bank Group public events:

Oct. 11: Growth in a Time of Crisis
Oct. 12: Civil Society Townhall
Oct. 12: Ending the Pandemic
Oct. 13: Opening Press Conference
Oct. 14: Making Climate Action Count
Oct. 15: Trade to the Rescue

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