WTO holds meeting on Covid-19’s impact on developing economies
Reflecting on the future needs of developing countries, several members highlighted the importance of achieving greater diversification, improving resilience and modernising manufacturing
The Committee on Trade and Development of the World Trade Organisation (WTO) held a virtual meeting to assess the impact of Covid-19 on the trading capacity of developing nations.
The meeting was attended by several delegations where trade matters related to the economy of developing countries were discussed, according to the World Trade Organisation.
Mohammad Qurban Haqjo, the new chair of WTO, was present at the meeting. "Trade must form part of the solution in assisting and supporting recovery in developing countries," he added.
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Due to the decline of export, small businesses are suffering immensely and they pointed out the shift towards the digital economy is exacerbating the digital divide.
Reflecting on the future needs of developing countries, several members highlighted the importance of achieving greater diversification, improving resilience and modernising manufacturing.
The members conveyed gratitude towards WTO for the ongoing initiatives to help developing countries build trading capacities, such as expediting customs procedures for emergency goods.
WTO rules also helped to provide timely access to affordable medical products, support production-led growth and ensured that the most vulnerable receive assistance in building trading and production capacities, they mentioned.
They stressed on the need to develop policy tools to promote economic recovery, such as strengthening special and differential treatment for developing countries.
The meeting also stressed on the plight of African countries which are highly dependent on foreign nations for medical supplies. The scarcity of medical goods is not only increasing the risk but also their economic supply chain is negatively affected.
