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UN pact base for more equitable, sustainable global economy: UNCTAD

27 Sep '24

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UN pact base for more equitable, sustainable global economy: UNCTAD

Pic: UNCTAD

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The Pact for the Future, adopted at the 79th UN General Assembly by world leaders, lays the foundation for a more equitable and sustainable global economy and is a landmark commitment to tackle global challenges through multilateralism, climate action and digital inclusion, UNCTAD has said.
The alignment of trade policies with climate objectives is essential for sustainable development, it noted

The Pact for the Future, adopted at the 79th UN General Assembly recently by world leaders, lays the foundation for a more equitable and sustainable global economy and is a landmark commitment to tackle global challenges through multilateralism, climate action and digital inclusion, according to the UN Trade and Development (UNCTAD).

Action 5 of the Pact focuses on making the global trading system a driver of sustainable development, emphasising on export-led growth and preferential trade access for developing countries—crucial for achieving the UN Sustainable Development Goals (SDGs), UNCTAD said in a release.

The rise of the Global South is reshaping global power dynamics, with developing nations playing an increasingly significant role in international trade and economic governance, the UN body noted.

This shift offers opportunities for developing countries to access global supply chains, partnerships and investments. However, these must be carefully managed to ensure that growth is sustainable and inclusive, aligning with the goals of the Pact for the Future, it said.

The alignment of trade policies with climate objectives is essential for sustainable development, UNCTAD noted.

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