World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Removing Trade Barriers: Aid Growth, Stem Poverty

Removing Trade Barriers Would Aid Growth, Stem Poverty, Snow Says

Treasury secretary also calls on donor countries to track results of aid

The removal of trade barriers under the Doha Round negotiations is "the greatest step our governments can take to generate increased growth and poverty reduction," U.S. Treasury Secretary John Snow tells members of the Development Committee, a forum of the World Bank and the International Monetary Fund.

In his remarks to the committee September 25, Snow noted that the United States has one of the least restrictive trade regimes in the world.

"This not only benefits U.S. consumers but also exporting countries, the producers who provide the goods, and the individuals and families who see their living standards increase with new and better paying jobs," he said.

Snow stressed that developing countries must reduce their own trade barriers in order to reap the benefits of trade liberalization. He added that increased market access in services is critical, particularly in the financial sector, and has the potential to generate even more income than opening markets for goods.

"The World Bank estimated that if developing countries were to liberalize four key infrastructure services they could, by 2015, generate income gains four and a half times greater than the gains from goods liberalization alone," Snow said.

The Treasury Secretary also called upon the World Bank and other multilateral development institutions "to deepen and broaden their continuing efforts to measure the concrete results of the assistance they provide so that resources can be applied most effectively."

For its part, the United States will continue to increase aid to "those high performing countries that can demonstrate how our assistance will result in greater growth and poverty reduction," he said.

Snow noted that the United States has already launched a number of programs -- such as the Millennium Challenge Account, the President's Emergency Plan for AIDS Relief, the Initiative on Malaria and the Initiative to End Hunger in Africa -- to fight infectious diseases and to increase the efficiency and effectiveness of foreign aid.

The United States has also increased Official Development Assistance (ODA) since 2000 from $10 billion to $19 billion in 2004 and plans to double aid to sub-Saharan Africa between 2004 and 2010.

© Scoop Media

 
 
 
World Headlines

 


Myanmar: Military Must Stop Murdering And Jailing Protestors – Bachelet

UN High Commissioner for Human Rights Michelle Bachelet on Thursday said security forces in Myanmar must “halt their vicious crackdown on peaceful protestors,” following another day of deadly violence across the country on Wednesday... More>>

Syria: Economic Decline, Rising Hunger And Surging Humanitarian Needs

Syria’s fragile economy has “suffered multiple shocks” over the past 18 months, with its currency plummeting and joblessness swelling as people struggle to cover their basic needs, the UN Emergency Relief Coordinator told the Security Council ... More>>

OECD: Final Quarter Of 2020 Shows Continued Recovery In G20 International Merchandise Trade

G20 international merchandise trade continued to rebound in the fourth quarter of 2020 ( exports up 7.2% and imports up 6.8%), following the sharp falls seen in the first half of 2020, as lockdown measures affected trade globally. Although growth ... More>>


Focus On: UN SDGs


UNFCCC: Greater Climate Ambition Urged As Initial NDC Synthesis Report Is Published

UN Climate Change today published the Initial NDC Synthesis Report, showing nations must redouble efforts and submit stronger, more ambitious national climate action plans in 2021 if they’re to achieve the Paris Agreement goal of limiting global temperature rise by 2°C—ideally 1.5°C—by the end of the century... More>>


2021: Critical Year To ‘reset Our Relationship With Nature’ – UN Chief

During this time of “crisis and fragility”, the UN chief told the United Nations Environment Assembly on Monday that human well-being and prosperity can be vastly improved by prioritizing nature-based solutions. Painting a picture of the turmoil ... More>>


Paris Agreement: UN Secretary-General António Guterres To Mark U.S. Reentry With Envoy For Climate John Kerry

Watch live at webtv.un.org UN Secretary-General António Guterres will join U.S. Special Presidential Envoy for Climate John F. Kerry at an event marking the United States’ reentry into the Paris Agreement this Friday. The discussion with the Secretary-General ... More>>