UNCTAD’s role critical in today’s global environment, says Rishad in Nairobi

Minister of Industry and Commerce Rishad Bathiudeen addresses the 14th Ministerial Meeting on G-77 and China session at the Kenyatta International Conference Centre, Nairobi on the morning of 17 July.  

UNCTAD’s role in a volatile global market is critical and UNCTAD is assured of Sri Lanka’s maximum support for its future activities on G-77 and China, as announced on 17 July in Nairobi, Kenya.

 “Sri Lanka assures you of our maximum support in the deliberations as well as in all future activities of the G-77 and China” announced Minister of Industry & Commerce Rishad Bathiudeen on 17 July in Nairobi.

Minister Bathiudeen was making Sri Lanka’s statement at the 14th Ministerial Meeting on G-77 and China session at the Kenyatta International Conference Centre, Nairobi on the morning of 17 July.  Around 6000 delegates along with Commerce Ministers from the entire UNCTAD membership are in attendance at this once in four year global event.

“The landscape which prevailed four years ago when we met in Doha, Qatar in April 2012 has not changed much. Our concerns on formidable economic and financial challenges created by the global conditions on economic, trade, financial and environmental issues continue to exist today adding more challenges particularly for developing countries,” said Minister Bathiudeen who is assisted at the session by Ambassador & Permanent Representative of Sri Lanka to the World Trade Organisation R.D.S. Kumararatne. 

The Minister added: “In this backdrop there is an unprecedented urge for more coherence, solidarity, and unity among us to deal with not only current challenges but also the unforeseen future challenges. Ambitious collective outcomes reached in 2015, in particular, at United Nations Development Agenda for 2030, Addis Ababa Action Agenda of Financing for Development, Sendai Framework for Disaster Risk Reduction, Paris Agreement on Environment and in the 10th WTO Ministerial held in Kenya have created both opportunities and challenges for developing countries. In dealing with these challenges developing countries require to ensure a conducive environment which supports their national development efforts. In this context, adequate policy space and policy flexibility within the context of bilateral, regional and international commitments are crucial for developing countries to adopt different policy options in their efforts in development. Investment plays a vital role in support of sustainable development. However, we have noted with concern the rising number of disputes which have revealed how the rules under bilateral investment treaties have been interpreted infringing governments’ ability to regulate for the public wellbeing. We recognise the vital role the UNCTAD can play to reform the international investment regime, improving the development dimension of international investment agreements, ensuring a balance between investor’s rights and obligations and safeguarding the States’ right to regulate in the public interest. My delegation is of the view that the G-77 & China should continue to support in preserving and reinforcing the role played by UNCTAD towards trade and economic development needs of developing countries. We firmly believe that the solidarity and coherence of this group will provide a strong impetus for continuation of major role played by UNCTAD. Following a prolonged internal conflict that ended in 2009, the Government of Sri Lanka very much focused in its development. In this endeavor, we are encountering a series of social and economic challenges. Being a Net Food Importing Developing Country, we are heavily affected by the highly volatile food and energy prices. Sri Lanka continues to face severe competition in marketing its limited basket of exports.  We believe that technical and developments guidance provided by in this challenging environment by the UNCTAD have become a critical factor towards achieving sustainable wellbeing of our people. I reiterate that Sri Lanka is committed to reaching a fair and equitable outcome document from this Ministerial. Mr. Chair, Sri Lanka assures you of our maximum support in the deliberations as well as in all future activities of the G-77 and China.

Nairobi’s 14th Ministerial Conference that opened on 17 July will conclude on 22 July.