Although trade is one of the sectors most vulnerable to shocks in the global economy, it is also one of the main channels of recovery, Egypt's Minister of Planning and Economic Development Ahmed Rostom said during the panel discussion titled “Enhancing Trade Solutions for Regional Connectivity” held within the framework of the Islamic Development Bank (IsDB) Group Annual Meetings in Baku, APA reports.
He noted that trade is an important driver of economic growth and job creation, but also becomes one of the first sectors affected during periods of geopolitical tensions and global crises.
“Unfortunately, during major shocks, trade becomes the first transmission channel. But the positive side is that trade is also the first channel of recovery and economic revitalization,” Rostom said.
He noted that recent global crises have provided important lessons for countries.
“No country can cope with such shocks alone. Strengthening economic integration, developing regional cooperation mechanisms and reinforcing international trade channels are essential for increasing resilience,” he said.
The Egyptian official stressed that strategic investments in logistics hubs and transport infrastructure are required to ensure the sustainability of global trade.
“To accelerate trade again after shocks, it is necessary to establish logistics hubs and centers that facilitate the global movement of goods,” he noted.
According to Rostom, trade finance is also a key element of this process.
“Protecting trade from risks during periods of crisis is of particular importance. In this regard, the support provided by international development finance institutions, especially the International Islamic Trade Finance Corporation (ITFC), to member countries plays a significant role,” he said.
Rostom stated that Egypt is expanding access to trade financing by integrating the support of ITFC and other development partners into the country's financial system.
He added that improving infrastructure and trade procedures that facilitate the cross-border movement of goods is one of the key conditions for economic recovery and strengthening the business environment.
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