Trade and Aid: Working Together to Alleviate Global Poverty
In a packed room at the Ronald Reagan Building in Washington DC on Wednesday, The German Marshall Fund of the United States (GMF) and Modernizing Foreign Assistance Network (MFAN) hosted a presentation on “The Role of Trade in Promoting US Global Development Goals.”
Ritu Sharma, President/Founder of Women Thrive Worldwide and leading voice on international women’s issues and U.S. foreign policy, opened the event. Next to speak was the Honorable Jim Kolbe, Senior Transatlantic Fellow for GMF. Kolbe has served in the United States House of Representatives and has made significant contributions to the world of international development and trade. Kolbe touched on the importance of trade in promoting development before introducing featured speaker Ambassador Demetrios Marantis. Mr. Marantis serves as Deputy USTR (United States Trade Representative) and is responsible for US trade negotiations and enforcement in Asia and Africa.
Mr. Marantis explained that many people don’t realize that trade is an important piece of the puzzle when it comes to economic growth and poverty reduction. While access to new markets for poor countries is a significant part of accelerating and achieving development, trade is an essential component, too.
“We must explore ways to use trade to fuel future development,” Mr. Marantis remarked.
Similarly, Ms. Sharma said that “Foreign assistance is not enough to lift people out of poverty.” In order to achieve development goals, economic growth is needed through private sector investments, foreign direct investment, and trade.
The take-away message? The US can (and should) use trade to further the US Global Development Goals, and even reduce conflict throughout the world. We as ONE members have the power to influence the government to maximize the role the United States plays in achieving development. But in order to do this, we should recognize the significant role that trade policy plays in this process.
Learn more about the ways in which trade creates economic growth and opportunities for the world’s poor here.
-Jen Fraser
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November 6, 2009 at 8:17 am
great job jen fraser