Mo, 26. Feb. 2024
Empowering Developing Nations: Switzerland’s Commitment to Global Economic Growth and Sustainability
With over 120 countries, Switzerland has agreed to a plurilateral agreement in Abu Dhabi to facilitate investment in developing countries. The supporters want to convince all WTO members of this at the World Trade Organization (WTO) meeting.
The head of the State Secretariat for Economic Affairs, Helene Budliger Artieda, approved an agreement on Sunday evening, as announced by the WTO.
The agreement should remove bureaucratic hurdles for investments in developing countries. It will boost the economy and increase jobs, said WTO Director-General Ngozi Okonjo-Iweala.
The agreement would be the first of its kind on the international stage. It is estimated that the increase in investment associated with the reduction in red tape could generate social benefits of over one trillion Swiss francs per year and up to almost 1.5 percent economic growth.
The majority of the countries supporting the agreement are poorer states. They need to convince India, which is opposed to plurilateral agreements. A quarter of the WTO members did not take part in the talks. The 13th meeting of the World Trade Organization officially begins on Monday in Abu Dhabi.
Ahead of Monday afternoon’s ministerial discussion, the Coalition for Climate published an initial list of measures its members intend to commit. Switzerland is a member of the coalition along with over 60 other countries. In particular, they want to promote a link between trade, climate, and sustainable development.
In addition to the Coalition for Climate Action, Budliger Artieda also met with the 13 members of the Ottawa Group in the run-up to the week of negotiations. The group brings together actors with approaches similar to those in Switzerland.
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