In collaboration with the Islamic Development Bank (IDB) and the Ministry in Charge of Foreign Trade in the Kingdom of Morocco, the International Islamic Trade Finance Corporation (ITFC) organized a seminar on «International Trade and Climate Change» last Nov. 14 in COP22 Green Zone, Marrakech. The opening ceremony was chaired by General Secretary of Minister of Trade and Industry of Morocco, Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation (ITFC) and Roberto Azevedo, Director General WTO. Highlighting the importance of this key theme of the seminar, Eng. Hani Salem Sonbol said: "This is the first time that ITFC is addressing the subject of climate change impact on trade". In this regard, he added, "there is a complex relation between trade and climate change, especially in IDB member countries", emphasizing that the "agricultural sector, which is a primary source for the development of economy in these countries, is the most vulnerable sector to climate change". The seminar brought together experts to discuss a number of ways in which International Trade could be supportive to the global efforts to reduce climate change impact. These experts also highlighted the importance of Sustainable Trade Finance and the means to collaborate with the member countries in these efforts. The seminar's second panel shed the light on the efforts launched by MDBs and International Financial Institutions to adapt their financial instruments to meet the increasing demands of business and consumer societies for social and environmental sustainability. The speakers included representatives from international organizations such as the United Nations Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC), the Islamic Development Bank (IDB) and Cambridge Institute for Sustainable Leadership, in addition to representatives of international financial institutions and leading initiatives in the field of trade and environmental protection standards. ITFC has extensive experience in providing trade development in developing countries. It can boast comparative advantages, which facilitates the involvement of major stakeholders in the promotion of international trade, which is facing climate change. It is worth noting that the Kingdom of Morocco was delegated during COP21, held in 2015 in Paris, to host the COP22, for its prominent role in sustainable development and environment protection. — SG
