UNCTAD To Strengthen Member Economies

By William Yaw Owusu

Monday, 28 April 2008
THE just-ended twelfth United Nations Conference on Trade and Development (UNCTAD XII) has resolved to support and strengthen the economies of developing countries through trade.

Conference participants want to see accelerated economic growth which will bring about prosperity, especially in Africa, a continent lagging behind in the attainment of most of the targets of the Millennium Development Goals (MDGs) by 2015, before UNCTAD XIII in 2012.

This was contained in a communiqué dubbed the "Accra Accord", issued in Accra on Friday at the close of UNCTAD XII.

In the declaration, delegates stressed the importance of integrated solutions to challenges in the mobilisation of additional development finance for commerce-related infrastructure; increased market access for developing countries, as well as technical cooperation to help in the diversification of the economies.

They called for an updated stability-oriented global financial system with enhanced participation by development countries.

"All countries must honour their respective commitments on duty-free and quota-free market access for the least developed countries, as provided for in the Ministerial Declaration of the Sixth World Trade Organisation Conference."

They urged one another to "refrain from promulgating and applying unilateral economic, financial or trade measures which are not in accordance with international law and the charter of the UN that impede the full achievement of economic and social development, particularly in developing countries, and that affect commercial interest."
They further underscored the need to strengthen South-South trade which will lead to the prioritisation of the Global System of Trade Preferences (GSTP) among developing countries saying "the erosion of generalised trade preferences for the least developed countries should be redressed through long-term strategies to diversify economic bases, enhance competitiveness and productive capacity, develop new export opportunities and integrate into the global economy".

"These efforts should be accomplished at the domestic level by boosting good governance and transparency, and investing profits from oil and other commodities into production, transport and communications infrastructure for sustainable growth."

The countries also resolved to encourage UNCTAD to strengthen its role as the focal point of UN’s integrated treatment of trade and development and other areas such as finance, technology, investment and sustainable development.

On the upward surge of prices in the commodities markets and possible economic slowdown in major industrialised countries, the countries said a strengthened UNCTAD could help provide a sense of development solidarity especially in deepening interdependence.

Dr Supachai Panitchpaki, Secretary General of UNCTAD, said "by working on the details of how best to carry out that pledge during the entire meeting, member countries have built development solidarity between the East and West, the North and South to improve the quality of life of all human beings".

He said the best way to achieve development goals would be free trade with enhanced anti-poverty strategies.

Mr Akwasi Osei-Adjei, Ghana’s Foreign Minister, described the resolution as "topical and timely" saying "it reflects key trade and development issues and policy direction to address them".

"The declaration reflects our collective will be find integrated solutions to those concerns."

The conference held from April 20 to 25, which had the theme: "Addressing the opportunities and challenges of globalisation for development", was attended by more than 4,000 representatives from all over the world, including some heads of state, the UN Secretary-General, Ban Ki-Moon.

Yusef Hussein Kamah, Finance Minister of Qatar, has already announced his country’s offer to host UNCTAD XIII in 2012.