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World Bank, WTO pledge trade facilitation support for Nigeria, others

By BusinessNews Staff on October 17, 2014

The World Bank Group and the World Trade Organisation (WTO) have agreed to enhance their co-operation in assisting Nigeria and other developing and least-developed countries to better utilise trade facilitation programmes which can help countries reduce trade costs and more fully engage in the global economy.
Trade facilitation aims to reduce barriers developing countries now face moving goods quickly and cost effectively by increasing port efficiency, improving customs and regulatory environments, and upgrading infrastructure to increase trade exports.
According to the World Bank President, Jim Yong Kim, “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.”
“Our own research tells us 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 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 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.
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.
The recent announcement confirms that the two organisations will work closely together to ensure that support is available for all who need it under the terms of the Trade Facilitation Agreement.
DG Azevêdo and President Kim have agreed that their organisations will work together to prepare a joint World Bank Group/WTO Study on the role of trade in ending extreme poverty while boosting shared prosperity next year.

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