EIF to track pandemic impact on LDCs’ trade, economy

NEWS DESK

The Enhanced Integrated Framework (EIF), a dedicated multilateral partnership platform to support the poorest countries in trade, has set up a dedicated webpage to examine the impacts of the COVID-19 pandemic on trade in the Least Developed Countries (LDCs).

The share of LDCs in world trade of goods and commercial services was 1.16 per cent in 2018, according to an estimation of the World Trade Organisation (WTO).

The EIF is also going to organise a series of webinars with partner experts that look into the various ways LDCs are being affected by the coronavirus crisis.

EIF’s Trade for Development News will provide news and analysis so that this information can help keep LDC trade flowing even in a time of crisis.

“Regular news roundups offer the latest on how LDC countries are being affected, and what impacts are being felt,” said a press statement in this regard.

“Recently published articles have looked at issues such as soap tariffs, the commitments of international financial institutions and the trade situation in Africa,” it added.

Moreover, the first webinars will take place on May 13 this year, which will ‘look at fragile and conflict-affected countries, their unique vulnerabilities to COVID-19, and what governments and global institutions can do to create more stability.’

There are 47 LDCs, of which 36, including Bangladesh, are currently the members of the WTO. Bangladesh was the leading importer and second-largest exporter among the LDCs.

The EIF is the only multilateral partnership dedicated exclusively to helping LDCs use trade as an engine for growth, sustainable development and poverty reduction. It is a unique global partnership between LDCs, donors and partner agencies, including the WTO, which work together to build trade capacity in the LDCs.