In a speech commemorating the 60th anniversary of UN Trade and Development – formerly known as UNCTAD – the UN Secretary-General emphasized the numerous obstacles hindering the creation of a more sustainable and inclusive global economy for all.
During a brief visit to Switzerland, Mr. Guterres reiterated his previous warnings about the outdated, dysfunctional, and unjust nature of the world’s international financial system. He also expressed concern that the system has failed to provide support for developing countries struggling with debt.
According to the UN chief, the international trading system is under pressure from all sides and is on the brink of fragmentation. In this context, Mr. Guterres stressed the crucial role of UN Trade and Development, based in Geneva, in promoting a more sustainable and inclusive global economy through trade and investment.
Mr. Guterres emphasized that the UN agency cannot remain neutral in the face of development challenges, just as the World Health Organization cannot remain neutral in the fight against malaria, as famously stated by Raul Prebisch, UNCTAD’s first Secretary-General.
Highlighting the dual nature of trade as a source of both prosperity and inequality, interconnection and dependence, and economic innovation and environmental degradation, Mr. Guterres called for greater dialogue between nations. He also expressed concern about the near-tripling of trade barriers since 2019, many of which are driven by geopolitical rivalries without regard for their impact on developing countries.
Mr. Guterres concluded by stating that the world cannot afford to be divided into rival blocs. To achieve the Sustainable Development Goals and ensure peace and security, a single global market and economy are needed, where poverty and hunger have no place.