Preparations for the upcoming 2024 Global Review of Aid for Trade are well underway. The World Trade Organization (WTO) Secretariat has outlined the agenda for the event, which includes high-level plenaries and expert discussions focusing on the role of trade in food security, digital connectivity, and development strategies. Over 300 speakers are expected to participate, with WTO Director-General Ngozi Okonjo-Iweala and OECD Secretary-General Mathias Cormann set to launch the joint flagship report, "Aid-for-Trade at a Glance."
According to the European Union, its member states mobilized EUR 18.5 billion in Aid for Trade in 2021, with a commitment to allocating 25% of support to least-developed countries. The United States announced the forthcoming "Economic Growth and Trade Policy" by the United States Agency for International Development (USAID), focusing on resilience and building upon previous policies.
Angola shared insights into its challenging economic situation, emphasizing trade policy reforms aimed at diversifying the economy through strategies like the "2023-2027 National Development Plan" and "Angola 2050." The Asian Development Bank's 2024 Asian Economic Integration Report focuses on decarbonizing value chains and the EU's Carbon Border Adjustment Mechanism impact.
The United Nations Trade and Development highlighted a concerning decline in foreign direct investment growth in 2022 despite post-COVID-19 economic recovery in 2021. The United Nations Industrial Development Organization introduced the Pan-African Trade Competitiveness and Market Access Programme, aiming to enhance sustainable trade within Africa and with the EU.
The Standards and Trade Development Facility revealed its upcoming strategy centering on One Health, food systems transformation, and cross-cutting issues like gender equality, environmental sustainability, and South-South cooperation. Progress was reported by the WTO Fisheries Funding Mechanism Trust Fund and the International Trade Centre introduced a USD 146 million project supporting micro, small, and medium-sized enterprises.
At the Aid-for-Trade workshop, preliminary findings from the OECD-WTO monitoring and evaluation exercise showed record disbursements of USD 51 billion in 2022, primarily directed to economic infrastructure projects in Africa and Asia. Stakeholders emphasized the need for increased Aid for Trade resources, particularly for trade facilitation, digitalization, and climate-related measures. The key findings will be published in the upcoming "Aid for Trade at a Glance" report on the first day of the Global Review.