Unctad 15: a call for global prosperity

The 15 World Leaders Summit of the United Nations Conference on Trade and Development (Unctad 15) – From Inequality and Vulnerability to Prosperity for All – was hosted virtually from October 3 to 7. This was a landmark occasion for the government of Barbados, led by its prime minister Mia Mottley.

For the first time in Unctad’s history, the quadrennial forum was hosted by a small island developing state.

As the main UN body charged with promoting trade and development, especially as it relates to developing nations, Unctad provides support for countries to access the full benefits of integration into the international trading system, and develops solutions to the challenges that come with it.

As this year’s host, Barbados has turned up the volume on the voices of small island development states which have struggled to be heard in the international arena for far too long. As covid19 continues to ravage our economies, Caricom and other small states were at the centre of the global discussion which allowed for our unique vulnerabilities and challenges to shape the trade and developmental policies by Unctad toward recovery for the next four years.

The summit highlighted critical issues faced at this unique moment in time, such as the current covid19 pandemic, the climate crisis, the digital divide and the use of trade protectionist measures which have isolated small states from the market. These crises have made evident the levels of vulnerability and inequality faced by populations of the world. Both the pandemic and the climate crisis have prompted nationalistic responses instead of a global one which have created further division and left developing nations more vulnerable than before.

Proposed solutions

According to PM Mottley, if there was ever a time that developing countries needed a major platform to focus on issues that affect our nations, the time is now. The following solutions have been put forward to the global leaders to implement in order to build a more prosperous and equitable future for all:

• A global response to crises – global solidarity and not nationalism is needed to stop the pandemic and climate change

• Financing for development – provide developing countries with better terms of financing and official development assistance to build capacity in the areas of vaccination manufacture, alternative energy production, and digital transformation.

• Deliver on Paris Agreement commitments – implementable action and climate finance for the reduction of emissions and temperature goal to limit the increase to 1.5˚C is needed by major emitters

• Equal vaccination access – develop global clearing house for vaccinations and public goods

• New regulatory framework for technology

• Regional integration – increased investment in regional transportation systems to accelerate developing countries’ integration into the global value chains.

A path toward sustainable development

Unctad 15 was a call for political will by the international community to come together to forge solutions which provide the platform, finance, technical capacity, strategic leadership and governance needed by all developing nations to thrive, recover from current losses and withstand future shocks.

The business community continues to highlight our need for an enabling environment for innovation and integration, strong supply networks, harmonised regulations and governments who are held responsible for the commitments and pledges made in the international arena for global prosperity.

The Trinidad and Tobago Chamber of Industry and Commerce thanks Leeooi-Oneika Howard, trade analyst, and Nwadike Bacchus, intern in our Trade and Business Development Unit for this article.