Latest content: Trade and economy

In 2021, the world spent more than US$520 billion to subsidise fossil fuels.1 This could have paid for COVID-19 vaccinations for every person in the world or provided three times the annual amount needed to eradicate poverty (Africa Renewal, 2021). By encouraging demand and excessive consumption of cheaper fossil fuels, these subsidies distort markets, shield people from price signals and contribute to several macroeconomic imbalances, including higher global inflation (Gilmour, 2022).

In recent years, there has been growing recognition of the need for co-ordinated action to address the increasing health, environmental and economic costs of burgeoning plastics pollution and the role that trade can play as a solution. Annual global exports of plastics total about US$1 trillion (or 333 million tonnes), almost 5 per cent of world merchandise trade ($19 trillion, 2019–21 average). These trade flows have almost quadrupled over the last two decades, from an annual average of $260 billion (or 94 million tonnes) during 1995–97. To help reduce plastics pollution, 127 countries have adopted legislation to regulate plastics bags. This includes restricting the manufacturing, imports, distribution and use of plastics as well as promoting the use of plastics substitutes and reducing single use plastics. (UNEP 2018).

In 2011, the World Trade Organization members adopted a decision on the Least Developed Country Services Waiver (‘the Waiver’), which allowed developed and developing countries to grant LDC members preferential treatment that would otherwise be inconsistent with most-favoured-nation treatment under Article II of the General Agreement on Trade in Services. However, even after the decision adopted to operationalise the Waiver at the Bali Ministerial Conference in 2013, most LDCs have not been able to take advantage of this arrangement.

A Handbook on Public Debt Transparency, produced by the Commonwealth Secretariat’s Debt Management Unit, provides a practical blueprint to assist debt managers and stakeholders to improve transparency in debt management operations through the implementation of a wide range of activities.
The Handbook provides information on key debt transparency issues relevant to both developing and advanced economies based on the Commonwealth Secretariat’s long history of providing technical assistance and capacity-building to debt managers, senior officials and policy-makers in member countries and for stakeholders. The Commonwealth Secretariat’s debt management programme strives to promote sound practices in debt management, including the provisioning of a debt management system since 1983. The Commonwealth Secretariat Debt Recording and Management System (CS-DRMS), an integrated tool for recording, analysing and reporting public sector debt, has evolved into the flagship Commonwealth Meridian, a comprehensive solution that promotes effective and proactive debt management.

The ‘blue economy’ is an evolving development approach centred around sustainable utilisation of the ocean for its full socio-economic potential. It seeks to promote economic growth, social inclusion, and the preservation or improvement of livelihoods, while at the same time ensuring environmental sustainability of ocean and coastal areas. Perhaps nowhere is the blue economy more relevant than in the Caribbean, where it directly supports the economies of 37 coastal and small island countries and territories.

Member countries of the Organisation of Eastern Caribbean States (OECS) have jurisdiction over maritime areas that are significantly larger than their respective land areas and are, therefore, increasingly looking to their maritime waters to both diversify and bolster economic growth by exploring new opportunities for investment, employment and to support local livelihoods. Not only do opportunities exist for growth and innovation in traditional sectors, such as fisheries, marine transport and marine-based tourism, but also to expand into higher-value emerging sectors such as sustainable aquaculture, marine biotechnology and marine renewable energy.

The African Continental Free Trade Area (AfCFTA) is the largest free trade agreement in the world by number of members and geographical area covered. It spans 54 African countries, 2 with a combined gross domestic product (GDP) of US$3.5 trillion and 1 billion consumers. Although initial trading under the agreement officially commenced in 2021, there are still ongoing negotiations on several outstanding protocols.