In speech marking 60 Years of United Nations Trade and Development – the agency was previously known by its acronym UNCTAD – The United Nations Secretary General emphasized the many challenges that are hindering a more sustainable and inclusive global economy for all.
“New and protracted conflicts are having a ripple effect on the global economy. Global debt is skyrocketing while key development indicators, including poverty, are in recession“, Mr. Guterres said at the United Nations Global Leadership Forum on Trade and Development.
The flaws of the global system are exposed
During his visit to Switzerland, Mr. Guterres reiterated previous warnings that the world’s international financial architecture “has been revealed to be outdated, dysfunctional and unjust.”
It has “fails to provide a safety net for developing countries that are drowning in debt,” the United Nations head emphasized, while making a worrying assessment that the international trade system faces pressure “from all sides.” , to the point that it is currently “standing on the brink of collapse”.
Stand to the side of
In this deeply worrying context and against a backdrop of escalating geopolitical tensions, rising inequality and soaring debt, Mr. Guterres emphasized that the role of the United Nations Trade and Development agency has Headquartered in Geneva is “more relevant than ever” working for a more sustainable and inclusive global economy through trade and investment.
UN agencies cannot be neutral on development issues – “Just as the World Health Organization cannot be neutral on malaria,” the UN chief said, referring to the famous quote of Raul Prebisch, the first Secretary-General of UNCTAD.
“Trade has become one double-edged sword: the source of both prosperity and inequality; connection and dependence; Economic innovation and environmental degradation, Mr. Guterres said, urged more dialogue between countries in the face of trade barriers that have nearly tripled since 2019, “many barriers driven by geopolitical competition, without regard to their impact on developing countries.” .
“The world cannot afford to be divided into rival blocs,” he added. To perform Sustainable development goals (SDGs) – and to ensure peace and security – we need a global market and a global economy in which there is no room for poverty.”
