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WTO and ADB Strengthen Cooperation for Sustainable Economic Growth.
The WTO Secretariat and the Asian Development Bank (ADB) signed a Memorandum of Understanding (MoU) on May 1 in Tbilisi, Georgia. The MoU aims to strengthen joint efforts to promote inclusive and sustainable development through trade and economic integration, including in Asia and the Pacific region. It was signed just ahead of the ADB's annual meeting on May 2-5.
Signed by WTO Deputy Director-General Jean-Marie Paugam and ADB Vice-President (Sectors and Themes) Fatima Yasmin, the MoU deepens a strategic partnership focusing on regional cooperation, trade and economic integration, and the trade and environment agenda in support of the two organizations' respective members and observers.
Underpinning the cooperation is a shared commitment to advance environmental sustainability, inclusive growth, and resilience in the face of evolving global challenges. As part of the agreement, the WTO and ADB have identified critical areas of cooperation, including ongoing work, joint events, dialogue with stakeholders, capacity building, joint publications, and information exchange, including sharing best practices.
"I am very pleased to mark this important milestone in our cooperation with ADB, which has demonstrated its unwavering commitment to addressing the link between trade and climate change," said ADB President Masatsugu Asakawa, referring to remarks made by Director-General Ngozi Okonjo-Iwealaya during the UN COP28 climate conference last November. "Trading economies, combined with ADB's investment muscle, have enormous potential to put regions on track to achieve net zero targets. As we move into our next cooperation phase, we look forward to advancing joint initiatives to promote trade and environmental sustainability."
In this sense, the WTO is the only global organization dealing with international trade rules. At its core are the WTO agreements negotiated and signed by most of the world's trading countries and ratified by their parliaments. The aim is to ensure that trade flows as smoothly, predictably, and freely as possible to raise living standards in line with the goal of sustainable development.
ADB is a multilateral development bank with a vision of a poverty-free Asia and Pacific region and a mission to help its developing members reduce poverty and improve the quality of life of their people. As the region's climate bank, ADB is increasing initiatives to mainstream trade and trade policy solutions in its operations.
