UNCTAD to Host Third United Nations Trade Forum 2023

As per the latest news, UNCTAD will host the third UN Trade Forum on 8 & 9 May 2023 to figure out & develop trade policies to further assist nations boost their economies while addressing global challenges and speeding up progress toward accomplishing the UN's Sustainable Development Goals. 

The event will emphasize how developing nations can use trade to resolve global challenges including safeguarding the ocean, reducing digital and gender inequalities, and creating more sustainable and flexible economies. 

The forum will give specific attention to developing countries, which have been affected tremendously by several global crises including the Covid-19 pandemic, the Ukraine-Russia war, and the climate emergency.

UNCTAD Deputy Secretary-General Pedro Manuel Moreno stated, “A succession of global crises has disrupted international trade, including for essential foods, and highlighted the trading system’s fragility, and inefficiencies. But trade remains an exceptionally powerful factor for sustainable and combined growth.”

Mr. Moreno also added, “UNCTED stays focused on giving the data and evaluation which policymakers require to take informed actions and ensure trade development benefits all people globally.” 

More than 100 trade specialists, policymakers, senior authorities from international organizations, business leaders, and civil society representatives will meet in Geneva, and conversate policies & actions in an online mode that can make the trading system more comprehensive, harmless to the ecosystem, and resilient.

The discussion topics will cover making use of new opportunities, promoting trade preferences among developing nations, ensuring that women gain equal advantages from e-commerce growth, and empowering businesses, and consumers to incorporate more sustainable trade practices.

The forum discussions and reports will aid in upcoming vital international events, including the Summit of the Future, the 28th UN climate summit (COP28), and the World Trade Organization’s 13th ministerial conference.

Getting Access to a Plethora of Opportunities 

During this two-day event, UNCTAD will introduce it's Trade & Environment Review 2023. It features the huge opportunities we hold for developing nations to recover from the existing crises and develop more innovative and resilient economies.

The ocean economy - which includes traditional sectors such as fishing and shipping as well as rising ones like offshore wind energy and marine biotechnology - is already between $3 trillion and $6 trillion and offers at least 150 million direct employment opportunities.

But marine resources and livelihoods they support are vulnerable to climate change, pollution, and overfishing. The forum will determine initiatives and policies that can contribute to developing nations to both endeavor and safeguard the expanse of opportunities.

Promoting Trade Inclinations Among Developing Nations

The capability of the global system of trade preferences (GSTP) among developing nations will also be the highlight. Brazil’s recent approval has revived interest in the preferential trade agreement, which will enter into force when one more member approves it.

UNCTAD laid out the GSTP over three decades ago to assist developing nations boost trade among themselves and diversify, and adding value to their exports. Its 42 members demonstrate a market of over $16 trillion and 20% of global merchandise imports.

Making Development More Comprehensive And Sustainable

The forum will include a new evaluation of how competition and consumer safeguarding policies can aid nations empower businesses and people to incorporate more sustainable practices.

UNCTAD will introduce a new study considering e-commerce from a gender and development perspective. Members will investigate the strategies required to assure that the benefits of digital technologies, and online trade growth each woman as much as men.

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