The World Bank Group and the United Nations Conference on Trade and Development (UNCTAD) have announced renewed cooperation in the areas of investment and trade.
The announcement came following the International Monetary Fund/World Bank Group 2016 Spring Meetings in Washington, US.
Mukhisa Kituyi, Secretary-General of the UNCTAD, said: “UNCTAD and the World Bank Group have a long tradition of partnership and the World Bank is an important partner with UNCTAD in its technical assistance activities.
“This enhanced partnership on key strategic areas capitalises even more on respective comparative advantages, and maximises effectiveness in the implementation of programmes.”
The two organisations plan to enhance collaboration in their efforts to boost trade, growth and competitiveness in developing countries.
Trade, investment and support to the private sector in developing countries, is key to the implementation of the United Nations 2030 Agenda for Sustainable Development, to the UNCTAD objective of ensuring prosperity for all and to the World Bank’s twin goals of ending poverty and boosting shared prosperity.
Anabel Gonzalez, Senior Director for Trade & Competitiveness at the World Bank Group, said: “Economic growth, with strong contributions from the private sector, has been critical to reducing poverty around the world. We look forward to working closely with UNCTAD to ensure that trade and investment are key drivers of that growth, and not only have an impact on economies, but also on citizens.”
Both organisations aim to support private sector development and help to improve investment policies in developing countries.
By joining forces, the two institutions will help governments to implement reforms that improve the investment climate and harness investment for sustainable development.
UNCTAD and the World Bank will also step up cooperation to increase transparency on Non-Tariff Measures (NTMs) and streamline regulations for trade.
The two organisations have successfully worked together in this area in Tajikistan, Central America and several countries in Sub Saharan Africa.