Developing countries interests in face of continuing crisis, statement emphasizes (September 2012)

Rethinking Bretton Woods | Tue, Sep 18, 2012

The Trade and Development Board, policy-making organ of the United Nations Conference on Trade and Development, holds meetings September 17 through September 27.

In a statement delivered at the opening session, the International Working Group on Trade-Finance Linkages emphasized the proportionately greater burden that developing countries bear in paying for the impacts of a crisis they had no role in triggering, as the signs of economic malaise continue to spread worldwide.

In this context, the group reminded UNCTAD member governments of the historical role this organization played in bringing up and representing the interests of developing countries in international economic policy debates.

The group welcomed the foresight of the quadrennial work programme agreed at the UNCTAD Conference earlier this year, which gives UNCTAD a mandate to “continue … research and analysis on the prospects of, and impact on, developing countries in matters of trade and development, in light of the global economic and financial crisis.” “Never has it been more important that now to count on UNCTAD’s analysis to establish where measures to address the global economic and financial crisis, especially at the source,” the group said in its statement.

Commodity price volatility, trade and national capital, and UNCTAD’s recently-launched Investment Policy Framework for Sustainable Development were among other issues addressed by the statement.