Baku: Trade is emerging as a pivotal force in economic growth and recovery despite its vulnerability to global shocks, Egypt's Minister of Planning and Economic Development, Ahmed Rostom, emphasized during the 'Enhancing Trade Solutions for Regional Connectivity' panel at the Islamic Development Bank (IsDB) Group Annual Meetings in Baku.

According to Azeri-Press News Agency, Rostom pointed out that while trade serves as a crucial driver for economic growth and job creation, it is often the first sector to experience disruptions during geopolitical tensions and global crises. He highlighted the dual role of trade, noting that although it acts as an initial transmission channel for economic shocks, it also serves as a primary avenue for recovery and revitalization.

Rostom shared insights gained from recent global crises, stressing that no country can weather such shocks independently. He underscored the importance of strengthening economic integration, developing regional cooperation mechanisms, and reinforcing international trade channels to enhance resilience.

The minister further emphasized the need for strategic investments in logistics and transport infrastructure to ensure the sustainability of global trade. He advocated for the establishment of logistics hubs and centers to expedite the global movement of goods, thereby accelerating trade post-crisis.

Addressing trade finance, Rostom highlighted its critical role in safeguarding trade during crises. He acknowledged the substantial support from international development finance institutions, notably the International Islamic Trade Finance Corporation (ITFC), in assisting member countries. Egypt, he noted, is leveraging ITFC support and other development partnerships to expand access to trade financing within its financial system.

Finally, Rostom stressed the importance of improving infrastructure and trade procedures to facilitate cross-border goods movement, which he identified as essential for economic recovery and a robust business environment.