UN Secretary-General and world leaders mark 60 years of UNCTAD, calling for a fair economy and renewed multilateralism

UN Secretary-General Antnio Guterres opened the United Nations World Leaders' Forum on Trade and Development (UNCTAD), marking the organization's 60th anniversary, with UNCTAD Secretary-General Rebeca Grynspan , and heads of state and government, 28 trade ministers and representatives of foreign affairs, civil society and the private sector, leading economists and leaders of international organizations from around the world. See photo highlights.

Under the theme Charting a New Development Path in a Changing World, more than 1,100 participants from 152 countries gathered in Geneva for this three-day forum. The event aimed to shape a vision of inclusive prosperity amid global crises, trade disruptions, growing debt and the severe consequences of climate change on developing countries.

Mr. Guterres highlighted UNCTAD's essential role in promoting inclusive and sustainable development through trade and investment and welcomed the reforms initiated by Secretary-General Grynspan.

Strong presence from the South

Support and recognition came from leaders of countries reflecting the diversity of the Global South.

Chinese Presidents Xi Jinping, Luiz Incio Lula da Silva of Brazil, Azali Assoumani of Comoros, Miguel Diaz-Canel of Cuba, Luis Abinader of the Dominican Republic, Andry Nirina Rajoelina of Madagascar and Prime Ministers Mia Mottley of Barbados and Kay Rala Xanana. Gusmo, from Timor-Leste, recognized UNCTAD's key role in promoting developing countries' access to the benefits of the global economy. They also welcomed UNCTAD's efforts to advance South-South cooperation and North-South dialogue.

World leaders have echoed UN Secretary-General Guterres' recognition that today the United Nations on Trade and Development is more relevant than ever.

In addition, China announced a $20 million support package for UNCTAD's work to implement the 2030 Agenda for Sustainable Development over the next five years.

Strengthened multilateralism and a key role for UNCTAD

The leaders welcomed UNCTAD's growing effectiveness in helping developing countries participate in the global economy. They praised his expert policy analysis on global trade challenges for developing economies, including new green industrial policies, foreign direct investment, international financial architecture, digital economy challenges and disruption of supply chains. global values.

The United Nations Secretary-General for Trade and Development, Rebeca Grynspan, stressed that many of the world's poorest people remain vulnerable to economic instability, environmental degradation and growing debt burdens. She expressed the organization's commitment to supporting developing economies through an open and fair multilateral trading system. Ms. Grynspan stressed the need to renew trust by amplifying the voices of developing countries.

Trade disruptions, industrial policies, digital economy and debt

Analysts have examined disrupted global supply chains amid escalating geopolitical tensions and continued asymmetry in the global economy in the digital age. They also explored cascading crises, sustainable industrial policies and the need to revitalize declining foreign direct investment.

The consensus was that industrial policies and structural changes must occur in a socially inclusive and sustainable manner to ensure social stability and protect people in developing countries.

Thought leaders in the digital economy have highlighted the importance of including voices from the Global South in discussions on artificial intelligence (AI) governance. This inclusion is crucial to supporting the development of contextual and adaptable AI. They highlighted the need for international cooperation and inclusive policymaking, advocating for an international regulatory framework for AI development.

Prominent economists took the stage on the final day for a “Special Voices” session. From promoting trade as a key driver of development to reforming the international financial architecture, they highlighted the need for strong institutions and the limits of one-size-fits-all development approaches.

Particular attention has been paid to the current debt crisis as an example of the failure of the financial architecture to adapt to a changing global landscape, particularly for developing countries. The experts stressed that at this critical juncture, solutions are needed to reform the international economic system, including measures to resolve the debt crisis while creating a more resilient and inclusive economic future, as reflected in the recent UNCTAD report, A World of Debt.

The celebration of UNCTAD's 60th anniversary highlighted the organization's central role in promoting an inclusive and equitable global economy. The leaders stressed the importance of renewed multilateralism and the need for comprehensive reforms to address global challenges and support developing countries. This commemoration sets the stage for the next United Nations meeting Future Summitwhere UNCTAD will play an important role in defending the countries of the South, thus strengthening its commitment to sustainable and inclusive development.

Watch messages from world leaders for the 60th anniversary