'International trade should not be looked only in terms of volume, value'

International trade should not be looked in isolation and not just in terms of their volume and value but in respect to its linkages with developmental concerns, particularly in regard to access to basic needs," said Pradeep Mehta, Secretary General, CUTS International. He was speaking at a webinar on 'what would happen to a world without the WTO'.

PTI | New Delhi | Updated: 24-06-2020 21:18 IST | Created: 24-06-2020 21:01 IST
'International trade should not be looked only in terms of volume, value'

International trade should not be looked only in terms of volume and value, but in respect to its linkages with developmental concerns and access to basic needs, research firm CUTS International said on Wednesday. It stressed on taking a closer and more holistic look at the linkages between trade and sustainable development by putting equal emphasis on economy, and environmental dimensions. "It should not be a sanctions-based approach but should emphasize on arriving at a positive, forward-looking agenda with social safety nets as its central theme. International trade should not be looked in isolation and not just in terms of their volume and value but in respect to its linkages with developmental concerns, particularly in regard to access to basic needs," said Pradeep Mehta, Secretary General, CUTS International.

He was speaking at a webinar on 'what would happen to a world without the WTO'. More than 100 stakeholders representing trade officials, experts, academia, civil society organizations, and think-tanks from different parts of Africa participated in the discussion.

According to Erastus Mwencha, Chairman, TradeMark East Africa the member countries of the World Trade Organisation (WTO) really need to interrogate the whole process of the functioning of the organization. "That will help us having a better understanding of why there are so much of systemic challenges. We need to reinvent the WTO through structural transformation so as to derive better values out of it through a more balanced but faster decision-making process. This is imperative in the post-COVID world. We need better global leadership," he said.

According to Cheikh Tidiane Dieye, Executive Director of Dakar-based African Center for Trade, Integration, and Development, going forward, it is important to recognize the needs of the least developed countries by focusing on their capacity to utilize the available policy space.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

U.S. capital running out of gas, even as Colonial Pipeline recovers

Washington was running out of gasoline on Friday, even as the countrys largest fuel pipeline network ramped up deliveries following a cyberattack and U.S. officials assured motorists that supplies would return to normal soon. The six-day Co...

Janet Jackson's Rhythm Nation jacket sells for more than $81,000

The military style jacket that Janet Jackson wore during her 1990 Rhythm Nation tour sold for 81,250 at a Beverly Hills auction on Friday, more than 20 times its pre-sale estimate. The Rhythm Nation cropped black jacket with metal hardware ...

FACTBOX-How U.S. states and cities are responding to new federal mask guidance

The U.S. Centers for Disease Control and Prevention CDC said fully vaccinated people do not need to wear masks outdoors and can mostly avoid wearing them indoors.Here is a snapshot of how states and cities that set mask rules around America...

Judge will not end Ghislaine Maxwell's 'flashlight surveillance' in jail

A U.S. judge on Friday rejected Ghislaine Maxwells effort to stop jail officials from shining flashlights into her cell at night, which the British socialite said impedes her preparation for her November trial on sex crime charges.U.S. Dist...

Give Feedback