Against the backdrop of the new normal brought about by the COVID-19 pandemic, our much-invoked common bonds of global solidarity, fraternity and humanity are being put to unparalleled test. UNCTAD 15 (United Nations Conference on Trade and Development) should provide us the necessary occasion to send out a message of renewed hope and solidarity and our commitment to work together as one world.
This statement was made, Tuesday, by the Minister of Land Transport and Light Rail, Minister of Foreign Affairs, Regional Integration and International Trade, Mr Alan Ganoo, who intervened, from the Ministry in, Port-Louis, during the 15th session of the Ministerial Conference of UNCTAD 15. The event is being held virtually from 03 to 07 October 2021, between Barbados and Geneva under the theme “From inequality and vulnerability to prosperity for all”.
UNCTAD 15 is bringing together Heads of State and Government, Ministers and other prominent players from the business world, civil society and academia to tackle global trade and economic development issues. The conference is dealing extensively on the COVID-19 pandemic and the capacity for developing countries and Least Developed Countries to respond and recover from the pandemic.
Minister Ganoo highlighted that the pandemic, whilst creating chaos, also portrayed the systemic deficiencies that were present in our multilateral system, be it in trade and development, international finance, investment, cooperation and technology transfer. It likewise depicted our lack of coherence and coordination in combatting the pandemic and other catastrophes, including the effects of climate change, he stated.
Furthermore, he observed that more than 255 million jobs have been wiped out for developing countries last year only, excluding Africa. The 220 billion loss in income of developing countries, has meant that 95 million people have now entered the ranks of extreme poverty and 207 million will be pushed to the limits of extreme poverty by 2030, he remarked.
Speaking about small economies like Mauritius, Minister Ganoo indicated that they have lesser policy space and deployment scope adding that in Mauritius, the contribution of the tourism sector to GDP stands at 25%. With the forced closure of borders, the sector declined by 90% and the GDP in 2020 contracted by 15%, with a balance of payment deficit for the first time in decades, he recalled. He further acknowledged that Government has been quick to respond by providing a wage assistance scheme as well as support to stabilise the cost of basic commodities.
In light of the crisis, the Foreign Minister made a series of recommendations to be considered during UNCTAD 15. They include:
UNCTAD to embark on a comprehensive assessment of the economic and social impact of the COVID-19 pandemic, and make concrete recommendations and global solutions to respond to the crisis.
Agenda 2030 to be reworked in light of the new challenges and the issue of cohesion between global institutions be addressed upfront within the UN system.
Innovative financing strategies to be rethought, as the financing gap to achieve SDGs will be exacerbated. Government public financing for developing countries is under extreme pressures and the issue of budget resources for recovery needs to be addressed.
The UNCTAD must be involved in the current discussions on early warning and emergency whether for pandemics or other disasters having catastrophic incidence on trade and development in developing countries. The Sendai Framework for Disaster Risk Reduction for vulnerable countries needs to be revisited.
The issue of global supply chains and logistics must also be reconsidered, especially as regards the escalating maritime freight cost and the irregular services by the big shipping lines. UNCTAD can take the lead in assessing the problem and proposing workable solutions to address the situation.
Need for an agreement on the waiver from the TRIPS agreement to ramp up vaccines production.
An international COVID-19 solidarity fund, with voluntary contribution needs to be set up to support the recovery in the most affected countries.
UNCTAD 15
As a major United Nations conference of the “decade for action” for achieving the Sustainable Development Goals, the Ministerial Conference is addressing the massive unmet trade, finance, investment and technology needs of developing countries struggling in the face of the COVID-19 challenge.
UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964. Its headquarters are located in Geneva, Switzerland, and it has offices in New York and Addis Ababa.
