Riyadh Officials Discuss Cotton Trade and Food Prices with World Trade Organization
Riyadh officials engaged in discussions about cotton trade and food prices during talks held between representatives of the International Islamic Trade Finance Corp. (ITFC) and the World Trade Organization (WTO) in Switzerland.
Cooperation on Global Initiatives Emphasized
The meeting, which took place on the sidelines of the ninth WTO Global Review of Aid for Trade in Geneva, saw Hani Sonbol, CEO of ITFC, meeting with Ngozi Okonjo-Iweala, director-general of WTO. The discussions focused on reiterating cooperation on global initiatives, as reported by the Saudi Press Agency.
Commitment to WTO’s Cotton Initiative
Sonbol reaffirmed ITFC’s commitment to supporting the WTO’s Cotton Initiative, specifically in the transformation of the cotton industry into textiles and the creation of a conducive environment for the initiative’s success.
Addressing Challenges Faced by Cotton-Producing Countries
The WTO Cotton Initiative aims to tackle the challenges encountered by cotton-producing countries, particularly in Africa. The program seeks to enhance the stability and sustainability of the global fiber market by advocating for fair trade practices, improving market access, and bolstering the development of the resource’s value chains.
Focus on Trade Opportunities for Least Developed Countries
The meeting also highlighted efforts to enhance trade opportunities for the least developed countries, with a particular emphasis on the WTO’s Aid for Trade initiative for Arab States. Okonjo-Iweala underscored the allocation of $14.5 million to aid eight member countries of the IsDB Group.
Promoting Economic Development through Partnership
In a separate meeting, Sonbol met with Ratnakar Adhikari, head of the European Investment Fund, to discuss their strong partnership in promoting economic development in the least developed countries through regional cooperation. Both parties reiterated their commitment to enhancing trade and sustainable development for member states.
ITFC’s Objective and Membership
The ITFC, a member of the IsDB Group, was established with the primary goal of advancing trade among the member countries of the Organization of Islamic Cooperation.