WT/WGTDF/20  
 
8 November  2021 
(21-8442) Page: 1/2 
   
 
 
REPORT OF THE WORKING GROUP ON TRADE, DEBT AND FINANCE (202 1) 
TO THE GENERAL COUNCIL  
1.1.  It will be recalled that the Working Group on Trade, Debt and Finance ("the Working Group") 
was established at the 4th Session of the Ministerial Conference in Doha (November 2001). Its 
mandate is set out in Paragraph 36 of the Doha Ministerial Declaration. Since the 11th Session of the 
Ministerial Conference, the Working Group's discussions focused on the topic of trade finance and 
small and medium -sized enterprises  (SMEs), as per the Working Group's recommendations 
(Document WT/WGTDF/16).  
1.2.  In 2021, the Working Group held three meetings, on 17 May 2021, 23 September 2021, and 
1 November 2021 under the Chairwomanship of H. E. Cheryl Spencer (Jamaica). Discussions focused 
on a written proposal made by the delegation of Côte d'Ivoire, titled "Questions regarding access to 
trade finance during COVID -19" (WT/WGTDF/W/98).  
1.3.  At the meeting on 17 May 2021, the Working Group welcomed the Director -General, who 
highlighted the importance of the Working Group's role in tackling issues relating to the nexus of 
trade, debt and finance, such as trade finance. The main points of the Director -General's address 
have been summarized in Document WT/WGTDF/M/41. Côte D'Ivoire presented in detail its proposal 
(WT/WGTDF/W/98/Add.1) for a work program or a road map on trade finance, aimed at facilitating 
the availability of trade finance, particularly for micro, small and medium -sized enterprises (MSME s), 
in developing countries which have been affected by the pandemic. The proposal for a work program 
contained several "pillars", notably experience -sharing and exchange of information between 
Members, Secretariat support to Members, and inter -institution al cooperation with other 
international organizations and from development finance organizations. Members provided initial 
reactions. Some Members and groups of Members supported the totality of the proposal; other 
Members expressed initial support on lear ning more about one or more of the pillars in Côte  d'Ivoire's 
submission, even though some points looked premature. A Member requested more detailed 
information on specific proposals and indicated an interest in exploring them further with the 
proponent wh ile emphasizing that any work be proposed by and agreed to by Members and fully 
within the mandate and competence of the Working Group and the WTO, while respecting the 
mandates and competencies of other international organizations and forums. It was concl uded, 
subject to confirmation in following exchanges between Members, that the proponent would produce 
a revised document , taking into account the views shared during the meeting. A number of themes 
had been mentioned for such exchanges between Members, as  well as the possibility for information 
sessions on specific topics.  
1.4.  At the meeting on 23 September 2021, Members reverted to the proposal by Côte d'Ivoire, 
which by then had been revised to incorporate some of the comments made by Members at the 
May meeting (WT/WGTDF/W/98/Rev.1). One additional "pillar", proposing the organization of 
information sessions to disseminate in the WTO information from  other organizations, was added by 
Côte d'Ivoire's in its revised submission. Many Members or groups of Members  highlighted the 
COVID -19 pandemic had reduced their access to international trade finance, which in turn impeded 
the recovery of their exports. There seemed to be an acknowledgement of the difficulties 
encountered during COVID -19, although it was highligh ted by a Member that trade finance gaps, 
which are largely structural, existed before the pandemic. A number of Members nonetheless 
supported the adoption of a work program including all the "pillars" proposed by Côte d'Ivoire. Other 
developing countries s upported the idea of a work program. Some Members would not endorse all 
elements of the proposal but were comfortable with one or more elements. Other Members were 
open to a work program but sought clarifications on individual proposals. A Member expressed  
concern with calls  to establish a road map or a work program on trade finance at the WTO , noting 
that the WTO is not a trade financing organization and cautioning against encroaching on or 
duplicating work conducted by multilateral development banks. Howe ver, it expressed willingness WT/WGTDF/20  
 
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  to further explore in more detail several elements of the proposal with the aim of finding areas of 
consensus.  
1.5.  There remained lack of consensus on a work program and on all aspect of the submission by 
the proponent. However, there seemed to be support on further discussions to find consensus in 
several areas. This may include a Member-driven exchange of information (pillar 1), including about 
trade finance market developments and facilities, and surveying existing options for technical 
assistance provided by the Secretariat. International organizations including multilateral 
development banks might be invited to contribute if consensus can be reached. One Member 
requested that there be a process for such an exchange of informat ion and suggested that the 
proponent and potential contributors spoke directly to this aim. One Member, representing a group 
of Members, suggested that in view of the looming Ministerial Conference a short draft Declaration 
should be prepared so that Membe rs of the Working Group have enough time to review it, before a 
consideration by the General Council. One Member recommended further consultations for clarifying 
actions to be undertaken by the Working Group, including on experience sharing.  
1.6.  The delegation  of Jamaica, on behalf of the ACP Group of States, submitted a 
Communication  (WT/WGTDF/W/101) which was subject to an initial discussion at the meeting on 
1 November 2021. The ACP Group of States supported the proposals made in recent submission by 
Côte d' Ivoire. It proposed specific areas of work to be considered for an outcome for MC12, both 
under trade finance and debt servicing. Other Members provided initial reactions and sought 
clarification on certain aspects of the submission . Some Members thought t hat a MC12 outcome was 
doubtful.  
1.7.  The Working Group examined and approved its Annual Report (202 1) to the General Council  
on this basi s. 
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