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4 October 2021  
(21-7444) Page: 1/2 
Working Group on Trade, Debt and Finance    
 
 
REPORT OF THE WORKING GROUP ON TRADE, DEBT AND FINANCE (202 1) 
TO THE GENERAL COUNCIL  
DRAFT  
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 o f 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 welco med 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 Docum ent 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 ( MSMEs), 
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 -institu tional cooperation with other 
international organizations and from other development finance organizations. Members provided 
initial reactions. Some Members and group of Members supported the totality of the proposal; other 
Members could go along with one or the other of the pillars in Côte  d'Ivoire's submission, even 
though some points looked premature. One Member questioned the ability and mandate of the 
Organization to find concrete solutions to some of the problems raised by the proposal. It was 
conclud ed, subject to confirmation in following exchanges between Members, that a Member -driven 
exchange of information and good practices could be a good starting point. A number of themes had 
been mentioned for such exchanges between Members, as well as the pos sibility 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 group 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 highlighted by one Member  that trade finance gaps, which were 
largely structural, existed before the pandemic. Affected Members nonetheless supported the 
adoption of a work program including all the "pillars" proposed by Côte d'Ivoire. Other developing 
countries supported the idea  of a work program. Some Members would not endorse all elements of 
the proposal but were comfortable with one or the other elements. Other Members were open to a 
work program but sought clarifications on individual proposals. One Member did not support efforts 
to establish a road map or a work program on trade finance at the WTO , on grounds that the WTO 
had a limited competence and ability to address trade finance gaps.  WT/WGTDF/W/ 100 
 
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  1.5.  Without a consensus on a work program and on all aspects of the submission by the propo nent, 
there seemed to be support, though, on moving towards examining what the problems were; 
towards a Member-driven exchange of information (pillar 1), including about trade finance market 
developments and facilities, existing options for technical assis tance and return of experience on it, 
etc. International organizations including multilateral development banks might be invited to 
contribute. One Member requested that there be a process for such an exchange of information and 
suggested that the proponen t 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 Members of the Working Group have enough  time 
to review it, before a consideration by the General Council. However, one Member insisted that such 
a draft would have to be presented by a Member, not by the Chair or the Secretariat, while another 
Member enquired whether there would actually be eno ugh time for the Working Group to consider 
it. 
1.6.   [At the meeting on 1 November , the Working Group examined [and approved] its Annual 
Report (202 1) to the General Council  on this basis] . 
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