We thank Director Richard Kozul-Wrightfor his presentation and the entire team for their excellent work on producing Trade and Development Report 2017.
The Report argues for a global new deal that shuns austerity policies adopted in the wake of Global Financial Crisis and can push for massive investments from public and private sectors.Whilst Sustainable Development Goals (SDGs) do serve as“way ahead” for coming decade or so towards a global new deal, their implementation has hit the snags early on. Lowest levels of international development assistance in decades, recessionary policies adopted by many developed countries coupled with low demand and sluggish growth in world trade has essentially left developing countries in the cold. Without sustained commitment by developed countries, implementation of SDGs in developing countries would remain just that –a goal.
Developing countries are in precarious situation than ever before, burdened by even more debt than at the beginning of the Great Recession. The Report’s argument for a global new deal is certainly welcome.However, it requires political will and leadership at international.
It also requires strategic foresight and long-term vision of inclusive development. China’s One Belt One Road (OBOR) Initiative is good example of regional and international development project that has the potential to significantly promote regional and global economic profile. It entails investment in infrastructure and energy which will enhance regional connectivity and facilitate international trade thereby reducing poverty and boosting common prosperity and progress. The Initiative’s objective of shared development will increase access to markets, bridge development gap at national and sub-national levels and promote inclusive and sustainable growth in the region and beyond.
Essentially, this Initiative has all the ingredients of a global new deal that is being argued for in this Report.
I thank you Mr. President.