UNCTAD’s Empretec entrepreneurship programme has helped him formalize and grow his businesses, contributing to sustainable development in the country’s northern provinces.
UNCTAD brings together stakeholders to examine how measures to facilitate cross-border trade can contribute to a strong and inclusive recovery from the pandemic.
New UNCTAD estimates show that infrastructure finance is up due to recovery stimulus packages, but greenfield investment activity remains weak across industrial sectors.
A new free trade agreement, covering a third of the world economy, will eliminate 90% of tariffs among 15 East Asian and Pacific countries and is expected to boost intraregional exports by $42 billion.
UNCTAD nowcasts show that trade in services has not yet reached its pre-pandemic level, while merchandise trade is projected to have surpassed it by 15%.
But the world’s largest free trade area needs measures to boost productivity and expand opportunities.
Slow progress in digitalization and paperless transactions, lack of transparency in regulatory procedures and weaknesses in long-term planning are among the issues holding back port performance in the region.
The continent also remains the largest seafarer-supplying region in the world. Four of the top five countries supplying seafarers in 2021 were from Asia.
UNCTAD says the African Continental Free Trade Area could boost intra-African trade by up to 33% and cut the continent’s trade deficit by 51%.
UNCTAD warns that global consumer prices will rise significantly in the year ahead until shipping supply chain disruptions are unblocked and port constraints and terminal inefficiencies are tackled.
