News from June 2024
US sanctions target Ecuador's largest drug trafficking group
By Globe Banner | Jun 7, 2024
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on Ecuador's Los Lobos Drug Trafficking Organization and its leader, Wilmer Geovanny Chavarria Barre, also known as "Pipo."
WTO concludes advanced course on analyzing trade in services
By Globe Banner | Jun 7, 2024
The World Trade Organization (WTO) concluded its advanced course on analyzing trade in services in Geneva. Participants were trained to use data, statistics, and regulatory information from the WTO-World Bank Integrated Trade Intelligence Portal (I-TIP) for Services. The portal provides comprehensive information on services trade policies. Hands-on exercises helped participants enhance their ability to analyze and utilize results drawn from these analytical tools and statistical databases.
WTO reviews progress in reducing technical barriers to trade
By Globe Banner | Jun 7, 2024
The new chairperson of the TBT Committee, Daniela García (Ecuador), has assumed her role from outgoing chairperson Anna Vitie (Finland). García highlighted a new WTO brochure that underscores 10 key outcomes from the TBT Committee's work in 2023. Members expressed appreciation for Vitie's tenure, during which significant decisions on conformity assessment and transparency were made, including the Ministerial Declaration on Strengthening Regulatory Cooperation to Reduce Technical Barriers to Trade.
Urgency stressed in WTO’s efforts against harmful fisheries subsidies
By Globe Banner | Jun 7, 2024
On the eve of World Oceans Day, the urgency of the World Trade Organization's (WTO) work on fisheries subsidies has been highlighted. In a video message, Director-General Ngozi Okonjo-Iweala stated, “Every year, governments around the world spend tens of billions of dollars in support of unsustainable fishing. About half of assessed marine fish stocks are already overfished, and these subsidies make the problem worse. In 2022, the WTO's 164 member governments reached a new global agreement on curbing harmful fishing subsidies. Over 75 members have ratified this agreement, and...
World Bank report highlights steps for reducing poverty sustainably in Bangsamoro
By Globe Banner | Jun 6, 2024
Maintaining peace, supported by increasing farm profitability, diversifying income sources, enhancing access to basic social services, and upgrading infrastructure will accelerate poverty reduction in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), according to the World Bank’s Philippines Economic Update released today.
Former DOJ official: U.S. 'should immediately cease the transfer of forfeited funds to Nigeria' until detained US citizen is released
By Globe Banner | Jun 6, 2024
Andrew Adams, a partner at the New York office of Steptoe & Johnson LLP and a former acting Deputy Assistant Attorney General for the National Security Division of the Department of Justice (DOJ), said if the DOJ stops sharing forfeited funds with Nigeria, it can express its "objection to Nigeria’s abuse of its police power" and encourage the release of Tigran Gambaryan, a former U.S. federal agent who has been detained by the Nigerian government since February 26. Adams shared his statement in a May 29 opinion piece.
Marine economy's contribution to US GDP rises to $476 Billion in 2022
By Globe Banner | Jun 6, 2024
The U.S. Bureau of Economic Analysis (BEA) has released the Marine Economy Satellite Account statistics for 2022, revealing that the marine economy contributed $476.2 billion, or 1.8 percent, to the current-dollar U.S. gross domestic product (GDP). This marks an increase from $424.2 billion in 2021. The marine economy also accounted for 1.7 percent, or $776.9 billion, of current-dollar gross output.
World Bank approves $400 million project for environmental reform in Dominican Republic
By Globe Banner | Jun 6, 2024
The World Bank has approved a new project to assist the Dominican Republic in promoting key institutional reforms for climate resilience, reducing water, soil, and air pollution, and enhancing natural resource protection. The US$400 million project aims to strengthen the government's institutional and financial capacity for environmental protection, with positive effects on public health and the livelihoods of communities involved in tourism and fishing activities.
West African nations combat coastal erosion through collaborative efforts
By Globe Banner | Jun 6, 2024
When the powerful waves crashed onto the shores of Aného, Togo, and Grand Popo, Benin in April 2024, communities of these neighboring West African border towns were unfazed. Seeking relief from the hot sun, they gathered under coconut trees to enjoy the fresh sea breeze.
WTO reports increased impact from technical assistance activities
By Globe Banner | Jun 6, 2024
Over 16,000 beneficiaries participated in over 300 technical assistance activities in 2023, marking a 32 percent increase in participation and a 24 percent rise in activities compared to 2022. Although the number of participants has not yet fully returned to pre-pandemic levels, participants from least-developed countries (LDCs) increased by 40 percent compared to 2022. Requests for national activities soared by 60 percent following record lows during the 2020-22 period.
US Embassy announces upcoming vehicle procurement for Ashgabat Post
By Globe Banner | Jun 6, 2024
The United States Embassy in Turkmenistan has released a pre-solicitation notice regarding vehicle procurement for the Ashgabat Post.
Uzbekistan progresses towards wto membership amid significant economic reforms
By Globe Banner | Jun 6, 2024
Director-General Ngozi Okonjo-Iweala expressed gratitude to President Shavkat Mirziyoyev for his leadership and commitment to Uzbekistan's World Trade Organization (WTO) accession, which has significantly accelerated the negotiating process. Meetings were also held with Deputy Prime Minister Jamshid Khodjaev, Chair of the Inter-Agency Commission on WTO Accession, and Advisor to the President on Economic Development Ravshan Gulyamov. They discussed Uzbekistan's progress following the latest Working Party meeting on May 24.
Uzbekistan discusses economic reforms amid ongoing efforts for WTO accession
By Globe Banner | Jun 6, 2024
Her Excellency, Ms. Saida Mirziyoyeva, His Excellency, Deputy Prime Minister Jamshid Khodjaev, His Excellency, Mr. Ravshan Gulyamov, and Excellency Mr. Sodik Safoev, First Deputy Chairman of the Senate, gathered with representatives from the IMF and the World Bank to discuss Uzbekistan’s economic reforms and its accession process to the WTO.
World Bank reports slight economic improvement for Cambodia driven by export revival
By Globe Banner | Jun 6, 2024
Cambodia's economic activity showed signs of improvement in the first quarter of 2024, driven by a resurgence in services and goods exports, despite weak domestic demand, according to the World Bank's Cambodia Economic Update released today.
World Bank extends PROBLUE Ocean Trust Fund through 2030
By Globe Banner | Jun 6, 2024
Global demand for blue economy initiatives is soaring, prompting PROBLUE to seek additional funding to support countries and regions in their development efforts.
Youth entrepreneurship programs foster job creation in Mozambique
By Globe Banner | Jun 6, 2024
Gaspar Sitóe, a young man from southern Mozambique, aspired to become an entrepreneur and create a clothing brand marketed through the tertiary industry. However, he lacked the necessary skills to start his venture. This changed in 2022 when he was selected for Agora Emprega, a World Bank-supported program designed to aid young entrepreneurs with grants and mentorship opportunities.
World Bank outlines strategies for sustained growth in Zambia
By Globe Banner | Jun 6, 2024
LUSAKA, June 6, 2024 – While Zambia’s economy is still recovering from the COVID-19 pandemic and a previous recession, a new Country Economic Monitor (CEM) report shows pathways that can support the country’s productivity to enhance economic transformation, create better jobs, and deliver sustained and inclusive growth.
Conference discusses Azerbaijan’s renewed efforts towards WTO membership
By Globe Banner | Jun 6, 2024
On June 6, 2024, a conference was held in Baku to discuss Azerbaijan's accession to the World Trade Organization (WTO). The event was hosted by Professor Adalat Jalal Muradov, Rector of the Azerbaijan State University of Economics. Attendees included representatives from the Government of Azerbaijan, the private sector, academia, and Ambassador Alparslan Acarsoy, Permanent Representative of Türkiye to the WTO and Chairperson of the Working Party on the Accession of Azerbaijan.
World Bank finds gaps in post-issuance reporting among emerging market green bond issuers
By Globe Banner | Jun 6, 2024
Washington, June 6, 2024: A new study by the World Bank, "Trends in Allocation and Impact Reporting: Ensuring Transparency in Emerging Market Sovereign Green, Social, and Sustainability Bonds," has found that emerging market sovereign issuers are publishing allocation and impact reports following the issuance of green, social, and sustainability (GSS) bonds. However, there is room for improvement to meet investor expectations. The report is based on a comprehensive analysis of GSS bond allocation and impact reports combined with surveys of public debt management offices and...
DG Okonjo-Iweala discusses WTO accession with Azerbaijani President Aliyev
By Globe Banner | Jun 6, 2024
In the final leg of her regional visit, which included stops in Kazakhstan and Uzbekistan, Director-General Okonjo-Iweala met with Azerbaijani President Ilham Aliyev to discuss the impact of WTO accession. The discussions focused on how the accession process could help Azerbaijan leverage its growth potential, particularly in green energy, the digital economy, and logistical infrastructure connecting Europe and Asia.