Being an active member of the two global bodies, many believe Nigeria
and other African countries can leverage on this initiative to boost
their export of non-oil products, particularly now that crude oil prices
at the spot markets are fluctuating and creating considerable anxiety
in the economic management schemes of OPEC member states.
Trade facilitation initiative is aimed at reducing barriers
developing countries now face moving goods quickly and cost-effectively
by increasing port efficiency, improving customs and upgrading
infrastructure to increase trade exports. and regulatory environments
“Trade is a critical component to ending poverty and boosting shared
prosperity and we are pleased to work with our partners at the WTO and
other organisations to pursue these goals together,” said World Bank
Group President, Jim Yong Kim.
Kim pointed out that recent research has revealed that African
countries are missing out on opportunities for billions of dollars in
extra export earnings because of existing trade barriers. “Trade
facilitation was one of the important elements of the outcome from the
Bali Ministerial meeting and we remain fully committed to supporting
implementation of the Bali deal as we see the development benefits of
reducing costs to trade,” he said.
In July, the WTO launched its Trade Facilitation Agreement Facility
to ensure that no country is left behind and that all are able to access
the support they need. The facility, which is designed to provide a
fail-safe mechanism for developing countries that are unable to obtain
support from the development community, will be available to help those
countries implement the provisions of the Trade Facilitation
Agreement agreed on by all WTO members at their December 2013 WTO
meetings in Bali.
The WTO will work closely with partner organisations, including the
World Bank Group, to identify sources of funding and support.
“I am delighted to announce this strengthened partnership between
the World Bank Group and the WTO. Our coordinated efforts will ensure
that developing countries are able to obtain the support they need to
tackle the bottlenecks and high costs that impact so heavily on the
competitiveness of traders in many developing countries. Our two
organisations, working closely with all our development partners, will
support trade facilitation reforms that are so crucial in cutting the
costs of trade, alleviating poverty and promoting development,” said
WTO Director General, Roberto Azevêdo.
In June, the World Bank Group announced a new Trade Facilitation
Support Programme to assist developing countries to implement the WTO’s
Trade Facilitation Agreement. As the world’s largest multilateral
provider of trade-related assistance, the World Bank Group is a primary
partner in the effort. The bank’s support in this area is now more than
$13.2 billion in grants and financing, half of which is focused on
trade facilitation.
Monday, 13 October 2014
World Bank partners WTO to enhance trade in developing countries
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