International Trade Forum - Volume 2020, Issue 4, 2020

According to the World Economic Forum, by 2023, the G7 group of industrialized nations is estimated to represent only one-quarter of global GDP, with global growth and trade emerging from developing countries.

It seems to have been fate when back in 2014 Ana Sophia Reyes and her partner Juan Augusto visited the touristic area of Lake Atitlán in Guatemala’s southwestern highlands.

World leaders came together 75 years ago and created the United Nations and its related organizations to prevent the breakdown of global cooperation and the resulting chaos and carnage from happening again.

This year we are all celebrating both the 75th anniversary of the UN and the 25th anniversary of the World Trade Organization (WTO). The Charter of the United Nations was signed 1945 at the San Francisco Conference. Delegates from 50 states drafted it with the aim of maintaining peace, guaranteeing international security and promoting the development of friendly relations among nations.

Before 2020, the closest our species came to a truly shared experience was the landing of the first human being on the moon. That changed, and in a horribly negative way with COVID-19. In early April, more than half of the global population was under some sort of lockdown. People everywhere feared for the health of their loved ones and worried about their own economic prospects.

The COVID-19 pandemic has had an adverse economic impact on Africa, with sub-Saharan Africa experiencing its first recession in 25 years. The continent’s gross domestic product (GDP) is expected to decline from about 3% in 2019 to -2% to -5% in 2020, with the region’s major sources of revenue declining. To give a few concrete examples, commodity exports and remittances declined by 17% and over 23% respectively, and the tourism sector has lost up to $120 billion in revenue.

Over the last 75 years, multilateralism has been a powerful driver and pillar of global integration, peace, and prosperity. However, recent disaffection with globalization and with existing forms of global governance threatens the foundations of the rules-based multilateral order.

As this unpredictable year comes to an end, we are still braving a pandemic that has been incredibly challenging for us all. The most vulnerable sections of society, the poor, women and children in particular, have been the most affected and the crisis has created an economic impact that will only increase income inequalities around the world.

Nigeria is the biggest and most attractive off-grid opportunity in Africa, and one of the best locations in the world for minigrids and solar home systems. The International Trade Forum talked with Prof. Temilade Sesan about small businesses, women in agriculture and the role multilateral institutions can play in promoting clean energy across the country.

In Nepal, the first tea harvest of the year – the First Flush – takes place in April. International buyers eagerly await this time of year because of the leaves’ fresh and fruity flavours.

If you ask June Gathoni today how her business is going, she will beam with confidence. But not long ago, she would have reacted differently. One of her company’s consignments to Korea was returned and the prospects for her company, Urban Fresh Ventures, did not appear very promising.