Tag: WTO

  • WTO launches $50m fund for female entrepreneurs in developing world

    WTO launches $50m fund for female entrepreneurs in developing world

    The director general of the World Trade Organisation, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund to help female entrepeneurs in developing countries to export more using the opportunities offered by the digital economy.

    The announcement came ahead of the 13th ministerial conference of the WTO which opens on February 29 in the United Arab Emirates.

    Okonjo-Iweala, speaking alongside the Emirati Minster of State for Foreign Trade Thani al-Zeyoudi, said the “ground-breaking initiative… embodies our collective commitment to empower women”.

    “We need catalytic solutions to solve the financing issue that women face,” she added.

    The fund will help businesses run by women in developing countries to adopt digital technologies and increase their online presence.

    Zeyoudi said his country would contribute $5 million to the fund, adding “this initiative allows us to celebrate the invaluable contribution of women entrepreneurs and women led businesses around the world and to recognise the critical role they play in driving economic growth”.

    “While women are one half the world’s population, they only contribute 37 percent to the global GDP,” he said.

    Also at the announcement was Saudi Arabian Minister of Commerce Majid al-Kasabi, who called it a “milestone” and said his country was “dedicated” to supporting female empowerment.

    Okonjo-Iweala said that in meeting female entrepeneurs, “a common refrain among them is the need for adequate financing to scale their businesses and to tap into the vast opportunities of global trade”.

    apo/dcp/fz

    © Agence France-Presse

  • ‘Coronavirus putting world on track for new Great Depression,’ WTO

    ‘Coronavirus putting world on track for new Great Depression,’ WTO

    International trade is on the brink of collapse due to COVID-19 pandemic, and the results can be as severe as of 1930s Great Depression, The Guardian reported.

    According to World Trade Organization (WTO), the trade might shrink by 13%, and in the worst-case scenario, the trade will shrivel down to 32%; a bigger drop than 2008-09 recession caused by banking crises.

    Director general of WTO also added that an end to the trade tension between the US and China would help minimise the dire effects caused by the pandemic.

    He further added, “We need to lay the foundations for a strong, sustained and socially inclusive recovery. Trade will be an important ingredient here, along with the fiscal and monetary policy.”

    As per the official statement of WTO, recovery of trade is expected next year, but it is largely depended on the duration of the outbreak and the effectiveness of policy responses.