WASHINGTON (Reuters) - Group of 20 major economies should work to provide trillions of dollars in trade financing for developing countries to ensure the recovery of the global economy from the COVID-19 pandemic, a top official with the World Trade Organization said on Saturday.
FILE PHOTO: World Trade Organization (WTO) Deputy Director-General Alan Wolff speaks at a news conference following the "1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019.
REUTERS/Florence LoWTO Deputy Director General Alan Wolff told G20 leaders it was critical to utilize trade to help underwrite the economy, facilitate trade in essential medical supplies, and reform the institutional framework for world trade.
The lack of access to trade financing hits least developed countries hardest that already suffer from the high cost of financial transactions.
The Geneva-based world trade body is in turmoil as the administration of outgoing U.S. President Donald Trump has blocked both selection of a new director general and the functioning of a dispute settlement body.
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