Geneva – The sustainability of migrant remittances to serve the development of countries of origin depends on a strong mobilization of all stakeholders, both at national and international levels, participants in a high-level panel organized by Morocco as part of the World Trade Organization (WTO) Public Forum said in Geneva on Wednesday.
Governments, international organizations, as well as national, regional, and international financial institutions, are called upon to work towards guaranteeing the sustainability of these flows, which are hampered by high costs and long delays, underlined the speakers, representing, among others, the WTO, the World Bank, the International Labor Organization (ILO), the International Organization for Migration (IOM), and Morocco’s Central Bank, “Bank Al Maghrib.”
For WTO Deputy Director General Xiangchen Zhang, the issue of migrant remittances is of vital importance for many developing countries, particularly in Africa.
“It is linked not only to trade and financial services
and the movement of people, but also to sustainable development,” he said, noting that the WTO cannot deal with this issue on its own.
“We need collective action by international organizations and financial institutions,” stressed the official, while expressing his appreciation for the initiative of Morocco’s Permanent Mission to the UN in Geneva and the WTO in choosing this topic for the panel organized as part of the WTO Public Forum.
Presiding over the opening of the panel, held under the theme “Migrant remittances, inclusive trade, and development,” Morocco’s Ambassador and Permanent Representative to the UN-Geneva and the WTO, Omar Zniber, underlined the importance of this theme for member states.
He called for greater cooperation between the various international organizations and financial institutions, which has become more necessary than ever in a rapidly evolving geopolitical, economic, trade, and technological environment.
As part of this transformation of value chains and/or world trade in gen
eral terms, there is a need to re-globalize, the diplomat pointed out. To achieve this, states as well as international decision-makers “must make informed decisions, particularly developing and least-developed countries, with a view to keeping pace with this transition and facing up to the many challenges it entails,” he explained.
Improving the transparency of the remittance system, promoting fair competition, strengthening the digitization and interconnection of platforms, and introducing tax incentives are just some of the measures recommended by this high-level panel to meet the challenge of financial inclusion for migrants.
The event, which coincides with the 30th anniversary of the Marrakech Accords establishing the WTO, was selected from a record 300 applications received for the 2024 Public Forum, one of the WTO’s biggest awareness-raising events.
Source: Agence Marocaine De Presse