Global leaders convened to discuss the impact of the Aid for Trade initiative, which has generated USD 648 billion in investment since its inception in 2006. The session focused on strategies to enhance trade opportunities for lower-income countries.
Director-General Ngozi Okonjo-Iweala emphasized the World Trade Organization's (WTO) milestones, coinciding with the Bretton Woods Conference's anniversary. She noted that "trade-enabled growth has lifted over 1.5 billion people out of extreme poverty," with low- and middle-income economies increasing their share in global exports significantly.
Okonjo-Iweala acknowledged challenges in the current trade environment, such as rising protectionism and fragmentation. She stressed that developing countries need support from initiatives like Aid for Trade amid these difficulties. "Aid for Trade remains a vital instrument to help them do just that," she stated.
OECD Secretary-General Mathias Cormann underscored Aid for Trade's role in promoting open markets and development. He highlighted record-high disbursements of USD 51.1 billion in 2022, emphasizing infrastructure development and private finance as crucial elements.
The WTO and OECD released their publication "Aid for Trade at a Glance," examining priorities and impacts on developing economies' trade efforts.
Kerrie D. Symmonds, Barbados' Minister of Foreign Affairs, stressed Aid for Trade's importance in integrating smaller economies into global systems but noted ongoing capacity challenges. He called for frameworks ensuring effective implementation and proposed innovative financing methods like the Bridgetown Initiative.
Symmonds also urged progress on fisheries subsidies agreements to address overcapacity issues, referencing a communiqué supported by over 30 WTO members.
European Union Commissioner Jutta Urpilainen delivered remarks highlighting multilateral cooperation's role in sustainable development amid global crises. She affirmed the EU as a leading contributor to Aid for Trade, focusing on technical standards, infrastructure development, and inclusion efforts.
Urpilainen mentioned EU initiatives addressing food security issues exacerbated by conflicts such as the war in Ukraine through strengthened agricultural value chains.