RIYADH: Cotton trade and food prices were among the topics discussed when officials from the International Islamic Trade Finance Corp. and the World Trade Organization held talks in Switzerland.
Held on the sidelines of the ninth WTO Global Review of Aid for Trade in Geneva, Hani Sonbol, CEO of ITFC, met with Ngozi Okonjo-Iweala, director-general of WTO, to reiterate cooperation on global initiatives, the Saudi Press Agency reported.
Sonbol confirmed the ITFC’s commitment to supporting the WTO’s Cotton Initiative, particularly in transforming the cotton industry into textiles and creating an environment conducive to the initiative’s success.
The WTO Cotton Initiative is a comprehensive program aimed at addressing the challenges faced by cotton-producing countries, particularly in Africa.
The undertaking seeks to enhance the global fiber market’s stability and sustainability by promoting fair trade practices, improving market access, and supporting the development of the resource’s value chains.
The meeting also focused on enhancing trade opportunities for the least developed countries, where Okonjo-Iweala emphasized the WTO’s Aid for Trade initiative for Arab States, which has allocated $14.5 million to assist eight member countries of the IsDB Group.
She further examined potential areas of cooperation, including the alignment of the Islamic Development Bank Group with the WTO’s strategy to reduce food prices through the Food Security Response Program.
The WTO Global Review of Aid for Trade is a biennial event that serves as an international platform to highlight areas where developing economies and least-developed countries need support to overcome supply-side constraints.
The review gathers high-level representatives from governments, international organizations, and the private sector to evaluate how Aid for Trade is contributing to economic growth, poverty reduction, and sustainable development.
Okonjo-Iweala also highlighted support for national strategies related to the African Continental Free Trade Area initiative.
In a separate meeting, Sonbol met with Ratnakar Adhikari, head of the European Investment Fund, to discuss their strong partnership in promoting economic development in the least developed countries through regional cooperation.
Both parties reaffirmed their commitment to enhancing trade and sustainable development for member states.
The ITFC is a member of the IsDB Group and was established with the primary objective of advancing trade among the Organization of Islamic Cooperation member countries.
