For the first time, an alliance of African countries have called for targeted action to strengthen the trade capacity of the world’s poorest countries and enhance their position in global and regional markets.
In a call to action presented at the Global Forum on Inclusive Trade for Least Developed Countries (LDCs), leaders from The Gambia, Central African Republic, Malawi, and Uganda committed to designing pro-poor and inclusive trade policies in their countries and called for more international support to help Least Developed Countries (LDCs) benefit from trade.
“We know there are challenges in improving the situation for all LDCs, which is why we are calling for more action…to foster inclusive trade,” said Fatoumata Jallow-Tambajang, Vice President and Minister of Women’s Affairs of The Gambia in her keynote speech at the Forum.
There are 47 Least Developed Countries (LDCs) representing 13% of the world’s population. Despite strong efforts to incorporate LDCs into the global trading system, LDCs still engage in less than 1% of global trade due to challenges such as connecting with international markets, supporting domestic private sector, seeking out new global and regional opportunities and growing global uncertainties.
Hosted by the Enhanced Integrated Framework (EIF), it was the first event exclusively dedicated to helping the world's poorest nations benefit from trade. Bringing together over 300 people from all walks of life - from princess to farm manager - the Forum focused on three key areas: multilateral and regional trade, inclusive trade and economic growth, and global agricultural value chains.