News from April 2024
Energy Transition Takes Center Stage at WTO Environment Committee Meeting
By Globe Banner | Apr 25, 2024
At a recent thematic session of the Committee on Trade and Environment (CTE), discussions centered around the topic of energy transition and its impact on climate adaptation and mitigation efforts. According to the report given by the United States and Kenya, who co-facilitated the session, participants gained valuable insights from experts during panels that explored various aspects of clean energy and trade-related climate measures."The first panel explored the trade landscape of rapidly evolving areas of clean energy, including hydrogen and wind energy," noted the...
World Bank Group announces funding commitments for new financial tools
By Globe Banner | Apr 25, 2024
The World Bank Group has announced that 11 nations have pledged a total of $11 billion to the Portfolio Guarantee Platform, hybrid capital mechanism, and the new Livable Planet Fund. These initiatives are designed to support sustainable development, tackle climate change, and foster shared prosperity in developing countries.
Healthmark Services Limited partners with JFCRx as supplier of pharmacy adherence technologies
By Globe Banner | Apr 24, 2024
Canadian pharmacies are set to enhance patient safety and adherence through the introduction of new automation equipment and software. This development is a result of a partnership between JFCRx and Healthmark Services Limited, as disclosed in a recent news release.
Members Review Anti-Dumping Actions and Regulations at First Biannual Meeting of 2024
By Globe Banner | Apr 24, 2024
Members of the Committee gathered for their first biannual meeting of 2024 to review anti-dumping actions and regulations. The Chair of the Committee, Mrs Ayşegül Şahinoğlu Yerdeş (Türkiye), presided over the discussions.During the meeting, the Committee reviewed notifications of legislation from various countries. The Chair urged members to promptly submit reports of actions and welcomed the extensive use of the anti-dumping portal for submissions.Questions were raised by several delegations regarding actions contained in the semi-annual reports submitted by multiple...
South Africa Challenges EU Citrus Fruit Measures in WTO Dispute
By Globe Banner | Apr 24, 2024
South Africa has initiated a second dispute complaint against the European Union concerning its measures on citrus fruit imports. The issue at hand involves the EU's ban on importing South African citrus fruit affected by the fungus known as "citrus black spot."According to South Africa, the EU's import prohibition on citrus fruit impacted by citrus black spot may be in violation of the WTO's Agreement on Sanitary and Phytosanitary Measures. This marks the second time South Africa has raised concerns about the EU's import regulations on citrus fruit.The first dispute,...
Trade Growth and Poverty Reduction Over 30 Years
By Globe Banner | Apr 24, 2024
---Global trade has experienced significant growth over the past three decades, resulting in positive impacts on poverty reduction and economic development. According to experts Barbara D’Andrea, Christophe Degain, Florian Eberth, Stela Rubínová, Monia Snoussi-Mimouni, and Ankai Xu, the signing of the Marrakesh Agreement Establishing the World Trade Organization in 1994 marked the beginning of a transformative period in global trade.The World Trade Organization, established as the successor to the General Agreement on Tariffs and Trade, has played a crucial role in...
Reforms and relief: How Somalia turned a page amid a global debt crisis
By Globe Banner | Apr 24, 2024
On April 24, 2024, it was reported that Somalia has made significant strides in implementing reforms with the backing of the international community. Despite facing obstacles from both domestic and external factors, the country has been able to rebuild its economy and state institutions.One of the key factors in Somalia's progress has been the support it has received from the international community. As stated in a report, "With support from the international community, Somalia has successfully implemented wide-ranging reforms aimed at rebuilding its economy and state...
IMF announces discussions with Sierra Leone on new credit facility
By Globe Banner | Apr 23, 2024
The International Monetary Fund (IMF) has reported that it held discussions with Sierra Leonean authorities regarding a new arrangement under the Extended Credit Facility (ECF). The focus of these talks was to gain an understanding of the authorities' development objectives and identify necessary reforms to achieve macroeconomic stability and ensure debt sustainability.
Viet Nam’s Economy Poised for Gradual Recovery, World Bank Report Finds
By Globe Banner | Apr 23, 2024
Ha Noi, April 23, 2024—Viet Nam's economy is showing signs of recovery, with growth expected to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, as stated in the latest World Bank Taking Stock bi-annual economic update released today.The report highlights that while exports are recovering, consumption and private domestic investment are growing more gradually. Real exports are expected to increase by 3.5% in 2024, reflecting an improvement in global demand. Furthermore, a turnaround in the real estate sector is anticipated, which will boost domestic demand as...
Human Capital Ministerial Conclave Focuses on Digital Technology and AI
By Globe Banner | Apr 23, 2024
At the recent Human Capital Ministerial Conclave, esteemed speakers and ministers gathered to discuss the potential of digital technology and artificial intelligence in shaping the future of human capital development. The event, held during the Spring Meetings, emphasized the role of technology in enhancing how countries build, utilize, and safeguard their human resources.One of the key points raised during the Conclave was the importance of foundational infrastructure and skills in preparing individuals for the opportunities presented by the digital economy. Axel van...
Supporting the People of Afghanistan
By Globe Banner | Apr 23, 2024
Amid ongoing challenges in Afghanistan, the Afghanistan Resilience Trust Fund (ARTF) has been instrumental in providing essential services to the people of Afghanistan. According to the ARTF, projects funded by the organization are delivering crucial support to the Afghan population, including food, livelihoods, health, water, and education services.These projects are being carried out independently of the interim Taliban administration's control, with implementation overseen by United Nations agencies and non-governmental organizations. The coordination of activities...
Assessment of Gender-Specific Challenges to Cross-Border Trade in Jordan
By Globe Banner | Apr 23, 2024
Amidst the global push for increased international trade to alleviate poverty and enhance economic opportunities, a recent study has shed light on the gender-specific challenges faced by women in cross-border trade in Jordan. The research, conducted by the World Bank, aimed to identify barriers encountered by women-led businesses engaging in trade activities in the country.According to the study, men predominantly dominate cross-border trade in merchandise goods in Jordan. Despite this, the primary hurdles faced by women-led businesses were not directly linked to official...
Replicable Mass Transit Systems Reduce Emissions and Connect People to Opportunities in Latin American Cities
By Globe Banner | Apr 23, 2024
Apr 23 2024World Bank projects have resulted in reduced greenhouse gas (GHG) emissions and commuting times, with examples such as the upgrading and greening of Rio de Janeiro's Urban Rail System reducing transport-related GHG emissions by 89 percent compared to the counterfactual. São Paulo's Metro Line 5 is estimated to save 2,960,000 tCO2eq over its economic lifetime. Investments in Bus Rapid Transit (BRT) in Buenos Aires reduced travel times for BRT users by 53 percent between 2016 and 2019.The World Bank's focus on promoting inclusion of the poor is evident in...
Keeping Communities Connected in Small Island Developing States
By Globe Banner | Apr 23, 2024
The World Bank has been actively involved in enhancing connectivity and resilience in Small Island Developing States (SIDS) through various projects and initiatives. As of 2023, 3 million people in 20 SIDS are already benefiting from improved transportation services, with ongoing efforts set to extend these benefits to an additional 5 million individuals in the coming years.In Samoa, for example, the entire population has witnessed enhanced access to transport services thanks to World Bank-supported projects implemented between 2013 and 2022. Similarly, in Haiti,...
Transparency concerns highlighted at SCM Committee meeting
By Globe Banner | Apr 23, 2024
Transparency concerns were at the center of discussions during a recent meeting of the Subsidies and Countervailing Measures (SCM) Committee. The Chair emphasized the importance of timely notifications from members, stating, "all members benefit from the collective effort of timely and complete notifications." Eight other members echoed these concerns and calls.The Chair also praised the WTO Secretariat's support and a successful technical assistance project aimed at improving the notification process. He noted that the project led to 11 out of 23 developing and least...
Scaling Up Co-Financing for Greater Development Impact
By Globe Banner | Apr 23, 2024
In response to the growing challenges posed by overlapping global crises, a new initiative has been launched to enhance collaboration among development partners and maximize the impact of funding for global development. Akihiko Nishio, World Bank Vice President for Development Finance, emphasized the importance of concerted efforts in addressing these complex issues, stating, "The global financing landscape is becoming more challenging, and it has become clear that tackling the world’s polycrisis requires the concerted effort of the global community."The Global...
IDA—A Crucial Player in the Evolving Global Aid Landscape
By Globe Banner | Apr 23, 2024
Apr 23 2024The International Development Association (IDA) has been highlighted as a crucial player in the evolving global aid landscape. A recently launched report titled "Financing the Future: IDA’s Role in the Evolving Global Aid Architecture" emphasizes the significance of IDA's role in providing support to the 1.3 billion people residing in the world's poorest nations.The report sheds light on the complexities of the relationship between donors and recipient countries in the face of escalating challenges such as climate change, conflict, and pandemics. Despite...
IMF announces agreement with Central African Republic
By Globe Banner | Apr 23, 2024
The International Monetary Fund (IMF) has declared that it has reached a staff-level agreement with the Central African Republic on the second review of the Extended Credit Facility (ECF). This agreement sets the stage for the impending approval of the second review of the ECF-supported program by the IMF Executive Board, provided certain economic policy conditions are met.
WTO members review safeguard actions during latest biannual committee meeting
By Globe Banner | Apr 22, 2024
WTO members gathered for their latest biannual committee meeting to review safeguard actions, with a particular focus on legislative notifications and specific safeguard actions taken by various countries. Japan and Australia raised concerns over the recent increase in safeguard initiations and impositions, labeling them as inappropriate use of the instrument.During the meeting, notifications of new or amended national safeguard legislation or regulations from several countries were reviewed. Additionally, specific safeguard actions taken by countries such as Indonesia,...
Access to Safe Drinking Water Transforms Lives in Conakry
By Globe Banner | Apr 22, 2024
Residents of Sig Madina in Conakry, Guinea, have seen a significant improvement in their daily lives thanks to access to safe drinking water. Makalé Cissé, a mother of five, used to struggle to meet her family's water needs, often walking long distances to fetch water of questionable quality. Reflecting on the past challenges, Makalé stated, "Not only was it a long way to go, but the quality of the water wasn’t even good enough. My children would often get sick; plus, having to go and fetch water affected my daughter’s performance at school."However, with the...