The 16th session of the United Nations Conference on Trade and Development (UNCTAD) commenced today at the Palais des Nations in Geneva, Switzerland. Under the theme “Charting the Future: Economic Transformation Contributing to Just, Inclusive and Sustainable Development,” the conference serves as a crucial global platform for policymakers and experts to address pressing economic challenges and promote equitable economic growth.
This year’s UNCTAD conference boasts broad participation, drawing leaders, government officials, and ministers of foreign affairs, finance, trade, and economy from UNCTAD’s 195 member states. This high-level attendance underscores the growing importance of the international forum in shaping future economic policies. The event also welcomes heads of international organizations, renowned economists, Nobel laureates, representatives from civil society, development banks, and global financial and trade organizations.
Algeria is represented by the Minister of Foreign Trade and Export Promotion, Professor Kamal Rezig. He is actively participating in discussions and consultations centered on international trade, sustainable development, and fostering economic cooperation between nations. Algeria’s involvement reflects its commitment to strengthening its presence on the international economic stage and contributing to solutions for shared development challenges, particularly concerning fair trade and support for developing economies.
The UNCTAD conference is expected to generate practical recommendations aimed at building a more balanced and equitable global economic system. These recommendations will address the needs of developing countries and support their efforts towards achieving inclusive and sustainable development. Key topics of discussion will likely include trade facilitation, investment promotion, technology transfer, and debt sustainability.
Specifically, the conference will explore how to leverage trade as a powerful engine for economic diversification and job creation in developing countries. Participants will also examine the role of foreign direct investment (FDI) in promoting sustainable development and how to attract quality investments that contribute to long-term growth and environmental protection. Furthermore, technology transfer and innovation will be key areas of focus, with discussions on how to bridge the technological gap between developed and developing countries and promote the adoption of sustainable technologies.
The challenges facing developing countries in accessing international markets and managing their debt burdens will also be addressed. The conference aims to identify concrete measures to improve market access for developing countries’ exports and to promote responsible lending and borrowing practices to ensure debt sustainability.
The 16th UNCTAD conference is a vital opportunity for global leaders and experts to collaborate and forge a path towards a more just, inclusive, and sustainable global economy. The outcomes of this conference will have a significant impact on the future of international trade and development, particularly for developing countries striving to achieve their sustainable development goals. The focus on economic transformation and fair trade practices aims to create opportunities for all nations to prosper and build a more equitable world.
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Source: External reference
