WTO supports trade initiatives at COP29 in Baku

The Secretariat of the World Trade Organisation (WTO) will support trade-oriented activities during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will be held in Baku, the capital of Azerbaijan, from November 11 to 22, 2024, Azernews reports, citing the WTO.

As part of the COP29 presidency, Azerbaijan, together with the International Chamber of Commerce (ICC), the International Trade Centre (ITC), the United Nations Conference on Trade and Development (UNCTAD), and the WTO, will host "Climate Finance, Investment, and Trading Day" on November 14. With the support of the state of Azerbaijan, the WTO Secretariat and its partners (ICC, ITC, UNCTAD) will have pavilions at the "Trade and Investment House" in both the "Blue zone" (Pavilion Area B4) and the "Green zone" (Pavilion Area D10).

WTO Director-General Ngozi Okonjo-Iweala will attend the World Leaders Summit and other high-level events at the "House of Trade and Investment." Many informational products will also be displayed during COP29.

It is reported that Azerbaijan's Ministry of Economy and the Export and Investment Promotion Agency (AZPROMO) will jointly organise the "Trade and Investment House" in Baku from November 11 to 22, alongside the WTO Secretariat and ICC, ITC, and UNCTAD.

For the first time, these pavilions will be located in the 'blue zone' and 'green zone' of COP29, allowing registered participants and the general public to engage on important issues at the intersection of trade, investment, and climate action. The "House of Trade and Investment" will include high-level programmes focused on finance, investment, and trade as part of the thematic days of COP29. In addition to presentations, panel discussions, and events with global stakeholders in the Blue Zone, the Trade and Investment House in the Green Zone will serve as a dynamic space promoting interactive discussions, exhibitions, seminars, and innovative solutions related to trade, investment, and climate.

Climate Finance, Investment, and Trade Day on November 14 will feature special sessions exploring how trade and investment can enhance the flow of climate finance.

This themed day will call on all COP29 participants to discuss the key role of trade policies in achieving climate goals and promoting sustainable development. It will highlight many of Azerbaijan's initiatives as COP29 host, including the Baku Initiative on COP29 Climate Finance, Investment, and Trade (BICFIT). Additionally, there will be high-level events focusing on specific topics such as sustainable stock markets, efforts to decarbonise the steel and hydrogen sectors, and the integration of small and medium-sized enterprises into low-carbon value chains, particularly in developing economies.