News from June 2024
WTO concludes Aid for Trade Global Review with focus on evolving needs
By Globe Banner | Jun 28, 2024
The Aid for Trade Global Review concluded on June 28, 2024, with a commitment to continue adapting to the changing needs of developing economies and least-developed countries (LDCs). The event focused on three main themes: food security, digital connectivity, and integrating trade into development agendas.
Lao PDR commits renewed efforts towards combating childhood malnutrition
By Globe Banner | Jun 27, 2024
At the Second Lao PDR Human Capital Summit today, the Lao government announced a renewed commitment to tackling malnutrition, recognizing that proper nutrition in a child’s first 1,000 days will determine a person’s intelligence and strength for life.
WTO reviews achievements at Global Review of Aid for Trade amid challenging times
By Globe Banner | Jun 27, 2024
Minister Symmonds, Secretary-General Cormann, Excellencies, Ladies and Gentlemen,
World Bank approves $600 million for Türkiye's flood and drought resilience
By Globe Banner | Jun 27, 2024
The World Bank Board has approved $600 million in financing to support Türkiye's efforts to enhance resilience against floods and droughts, which are becoming more frequent and severe due to climate change. The Türkiye Flood and Drought Management Project aims to increase flood control for residents in flood-prone areas, improve farmers' drought-monitoring capacity, and strengthen the country's institutional capacity for managing flood and drought risks.
World Bank official emphasizes urgent action needed for climate resilience
By Globe Banner | Jun 27, 2024
Axel van Trotsenburg, Senior Managing Director of the World Bank, addressed the UST-USAID High-Level Dialogue on Financing for Climate Resilience on June 27, 2024. In his remarks, he emphasized the urgency of addressing climate change as 2024 has already experienced numerous heatwaves and record-breaking temperatures.
Food security issues dominate discussions at Aid for Trade event
By Globe Banner | Jun 27, 2024
Drawing attention to how political conflicts, value chain disruptions, and mounting inflation are compromising food security in developing economies, a session entitled “Strengthening food security through trade” explored how the international trade community can act to enhance access to safe, nutritious, and affordable food. Special emphasis was placed on helping small farmers gain more from trade by boosting their productivity and amplifying their voices in international fora. The importance of multi-stakeholder cooperation was also highlighted, notably public-private...
Global push for sustainable fisheries spotlighted at Aid for Trade Global Review
By Globe Banner | Jun 27, 2024
The Aid for Trade Global Review recently highlighted the global push for sustainable fisheries, focusing on the WTO Agreement on Fisheries Subsidies. This agreement aims to prohibit harmful fisheries subsidies and promote sustainability.
World Bank launches $2.48 billion initiative for digital inclusion in Africa
By Globe Banner | Jun 27, 2024
WASHINGTON, June 27, 2024 – A new program aimed at benefiting over 180 million people by 2032 is set to significantly increase internet access and the inclusive use of digitally enabled services in Eastern and Southern Africa.
World Bank funds IDEA program for digital transformation in Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to increase internet access and the inclusive use of digitally enabled services. With $2.48 billion in funding from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection. The program will be implemented over eight years with Angola, Democratic...
Inclusive Digitalization Program targets improved internet access across Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) program aims to enhance internet access and the use of digitally enabled services across 15 countries and Regional Economic Communities. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA addresses challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program is expected to drive...
WTO panel discusses leveraging opportunities from growing global digital economy
By Globe Banner | Jun 27, 2024
The challenges and opportunities for developing economies, particularly African countries, in exploiting their digital trade potential were discussed at a high-level panel. Speakers emphasized the need for improved digital connectivity, a supportive regulatory environment, and trade capacity building.
Burkina Faso's economy grows amid security crisis; inflation falls
By Globe Banner | Jun 27, 2024
The economy of Burkina Faso demonstrated resilience in 2023, with a growth rate of 3.2% despite ongoing security challenges. Inflation decreased to 0.7%, attributed to declining local product prices. This marked an improvement from the previous year’s sluggish economic performance, where GDP growth was at 1.8%. The successful agricultural season contributed to the downward trend in inflation, which turned negative from May to October 2023.
World Bank urges increased public health spending for sustainable growth
By Globe Banner | Jun 27, 2024
KAMPALA, June 27, 2024 — Economic activity in Uganda has remained resilient despite multiple successive shocks, with real gross domestic product (GDP) accelerating from 5.3% in FY22/23 to an estimated 6% in FY23/24, a new World Bank report notes. The expansion was driven by oil-related construction activity and the growth of the mining and quarrying sector, which benefited from sustained increases in gold prices and an improved domestic environment for artisanal mining.
World Bank launches major initiative for energy efficiency in Europe & Central Asia
By Globe Banner | Jun 27, 2024
The World Bank has announced a significant new regional initiative aimed at accelerating energy efficiency across Europe and Central Asia. The 10-year "Scaling Up Energy Efficiency in Europe and Central Asia Program" (E3 Program) is expected to save over 63 terawatt hours (TWh) of energy, equivalent to Switzerland's annual electricity production, and reduce CO2 emissions by 18.7 million metric tons.
Inclusive Digitalization program aims to expand internet access across Eastern & Southern Africa
By Globe Banner | Jun 27, 2024
The Inclusive Digitalization in Eastern and Southern Africa (IDEA) Program aims to increase internet access and the inclusive use of digitally enabled services across 15 countries. Funded with $2.48 billion from the International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), IDEA seeks to address challenges such as limited internet coverage, inadequate data infrastructure, high costs of data and devices, limited digital skills, cybersecurity risks, and data protection issues. The program's objective is to foster sustainable...
Climate-smart agriculture transforms lives in Eastern Zambia
By Globe Banner | Jun 27, 2024
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can enhance soil nutrients and improve harvests. Training teams of farmers in such practices has transformed the region's negative cycle into a positive one. Previously, poor farming practices caused soil degradation, leading to deforestation for agriculture and further ecosystem disruption. Farmers are now adopting climate-smart agriculture practices such as precision farming, agroforestry, crop rotation, crop diversification, and...
WTO committee adopts key report on implementing Sanitary Phytosanitary Measures Agreement
By Globe Banner | Jun 26, 2024
The MC12 SPS Declaration instructed the SPS Committee to launch a Work Programme to identify challenges in the implementation of the SPS Agreement, the mechanisms available to address them, and the impact of emerging challenges on its application. The Committee established five thematic groups to undertake this work.
WTO’s aid initiative boosts global trade with $648B since inception
By Globe Banner | Jun 26, 2024
The WTO-led Aid for Trade initiative has contributed US$ 648 billion since 2006 to strengthen the export potential of developing economies and least-developed countries (LDCs). The impact of the initiative in improving these economies' capacity to trade is revealed in a new publication — “Aid for Trade at a Glance 2024” — launched by the WTO and the Organisation for Economic Co-operation and Development (OECD) on June 26.
Challenges faced by least developed countries discussed at high-level session
By Globe Banner | Jun 26, 2024
Warsama Dirieh Mohamed, Minister of Trade and Tourism of Djibouti, emphasized the potential of Least Developed Countries (LDCs) in global trade during a high-level session. "It is undeniable that LDCs have significant potential in all fields to cement their development. All the same, despite the natural wealth in LDCs, we can observe a sad reality which is illustrated by the following data: 14% of the global population, 1.3% of global GDP, and less than 1% of goods exports," he stated.
Comoros’ and Timor-Leste’s strategies discussed at Aid for Trade session
By Globe Banner | Jun 26, 2024
WTO members agreed at the 13th Ministerial Conference (MC13) in Abu Dhabi earlier this year to the accessions of Comoros and Timor-Leste, following the finalization of years-long negotiations. Since MC13, both LDCs have prepared their post-accession implementation strategies, in parallel with the ratification of their respective Protocols of Accession and the 2022 Fisheries Subsidies Agreement. Their membership will become effective 30 days after the deposit of their instruments of acceptance with the WTO Secretariat.