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31 March, 2022<\/strong><\/p>\n <\/p>\n Excellencies,<\/p>\n Distinguished delegates,<\/p>\n Ladies and gentlemen,<\/p>\n In partnership with UNCTAD, I am pleased to hold this one-day informal interactive dialogue on commodity markets. It is my hope that, together, we can give due attention to the plight of commodity-dependent developing countries, in the face of complex, contemporary global challenges.<\/p>\n One thing is clear: Trends in commodities markets have profound impacts and implications on the ability of commodity dependent developing countries to achieve sustainable development.<\/em><\/p>\n Today\u2019s dialogue therefore provides an opportunity to exchange views and discuss successful strategies for economic and export diversification. I welcome the focus on energy, technology, and innovation as opportunities to enable commodity dependent developing countries to escape the dependency trap.<\/p>\n Excellencies,<\/p>\n Last December, the General Assembly adopted the resolution on Commodities<\/em> which recognized the interlinkages between the adequate and transparent functioning of commodity markets, the capacity to collect revenues from commodity exports, and the mobilization of domestic resources to support the achievement of the SDGs.<\/p>\n The world has changed since then.<\/p>\n As we speak, the conflict in Ukraine is expected to severely impact the already fragile economies of commodity-dependent developing countries, undermining their recovery from the COVID-19 pandemic and weakening their capacity to meet the SDGs.<\/p>\n Rising food prices and the costs of energy and fertilizer as a result of the Ukraine conflict, among others is already expected to create a downward pressure on global growth prospects, and upward pressure on inflation.<\/p>\n Ladies and gentlemen,<\/p>\n The nature of commodity prices influences the monetary policy of central banks.<\/p>\n A recent UNCTAD report noted that the combination of very high prices of food and fuel, and macroeconomic tightening, will place severe pressure on developing countries, constraining economic growth and development.<\/p>\n This outlook is most concerning for Least Developed Countries, which make up 83% of commodity dependent developing countries, and for SIDS, which are dealing with the effects of inflation and high debt burdens.<\/p>\n These countries are already struggling with a wide range of macroeconomic vulnerabilities, compounded by the COVID-19 pandemic, and exacerbated by the shocks emanating from the war in Ukraine.<\/p>\n Excellencies,<\/p>\n I welcome the UN Secretary General\u2019s swift establishment of the Global Crisis Response Group on Food, Energy and Finance, which held the first meeting of its Steering Committee last week.<\/p>\n The work of this group is crucial for the UN System to help manage the immense and interconnected challenges of global food security, energy security, and financing.<\/p>\n These challenges are not insurmountable. The resources, tools and instruments are there to overcome them.<\/p>\n We need to harness political will and rally public-private partnerships to support the efforts of commodity dependent developing countries. This will allow them to address the factors that create structural barriers and dependency.<\/p>\n Key steps include addressing the bottlenecks in the global supply chain; enhancing market access; building capacity; and investing in sustainable and resilient infrastructure and technology, among others.<\/p>\n Excellencies,<\/p>\n Commodity dependence is not just a sectoral issue. It is fundamentally a development challenge.<\/p>\n Commodity dependent developing countries are at risk, of being trapped in the vicious cycle of poverty and low human development.<\/p>\n We need to reverse this alarming trend.<\/p>\n Concrete support for commodity dependent developing countries by the international community, development partners, and the private sector, particularly in promoting economic diversification and value-addition, is more urgent now than ever.<\/p>\n The emergence and growth of regional and global value chains, offer developing countries a path out of the trap of having to specialize in whole industries, with all of the cost and risk that such a strategy entail.<\/p>\n Commodity-dependent countries have found new opportunities by embracing new technologies \u2013 essentially allowing them to migrate to value-added export services including e-commerce.<\/p>\n Expansion into these fields not only broadens the base of production, it also diversifies the structure of employment, especially for women, increasing their opportunities to find more productive work.<\/p>\n This is growth that can transform households and countries and boost participation in education which, in turn, enhances long-term productivity and poverty reduction.<\/p>\n Excellencies,<\/p>\n Today\u2019s dialogue focuses on this. And I urge you to use the discussions to identify strategies, best practices, and policies that support and promote economic diversification and value addition.<\/p>\n Going forward, it is crucial that governments in commodity dependent countries change their regulatory emphasis away from rigid tools governing investment in extractives toward a more flexible approach that encourages investment in a wider range of activities.<\/p>\n We must act together to do what it takes to help countries build more resilient, inclusive, and sustainable economies.<\/p>\n I thank you.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" One-day Interactive Dialogue of the General Assembly on Commodity Markets<\/p>\n","protected":false},"author":353,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":" Excellencies, colleagues,<\/p> I welcome you all to our second meeting and our first interaction following the resumed part of the session.<\/p> Before I begin, I would like to recognize the loss of our dear friend and esteemed colleague, Ms. Gail Farngalo.<\/p> A Liberian national, Gail was my Team Leader for Human Rights and was active on gender during both the 75th<\/sup> and 76th<\/sup> sessions. She leaves behind a legacy of achievements and a groundswell of respect and affection from across the UN and diplomatic communities. Her presence is certainly felt here today.<\/p> Colleagues,<\/p> When I took on this Presidency of Hope, I pledged to make gender equality a priority area for the 76th<\/sup> session. I continue to look to the board for its wisdom and expertise, as I endeavour to fulfil that pledge.<\/p> In this regard, I have already benefited from the board\u2019s advice, from when we met on October 28th<\/sup> last year.<\/p> Acting on that advice, I committed to ensuring that all my five rays of hope, and all my major initiatives, are approached with a gender lens.<\/p> I made sure that the composition of my office is gender-balanced.<\/p> I have committed to participating only in panels that have equal gender representation.<\/p> Throughout my official interactions and travels, I have endeavoured to meet with women, including heads of states and governments, scientists, civil society representatives, and youth.<\/p> And I am proud to inform you that five young women have been recruited into the Fellowship for HOPE<\/em> that my office recently launched. The Fellowship as you are well aware is targeted at benefiting young diplomats from underrepresented countries, pursuing careers in diplomacy or public service.<\/p> Colleagues,<\/p> While recognizing that we have a long way to go in the battle for gender-equality, I am proud of what my team has been able to accomplish within the past few months.<\/p> Our work continues.<\/p> We will continue to raise our voices on issues disproportionately impacting women, such as domestic violence and work place harassment. We will continue to push the importance of gender-equal work spaces.<\/p> And we will continue to find new paths to empower young women with ambitious professional aspirations.<\/p> Now is not the time to rest on our laurels.<\/p> With the board\u2019s guidance and support, we must use the many opportunities over the coming months to further empower women and girls, and dismantle discriminatory practices against them.<\/p> There are several upcoming events that will provide us such opportunities. I look forward to the board\u2019s suggestions on how we can best utilize them.<\/p> As an example, the International Day of Women and Girls in science is fast approaching. We must recognize that women\u2019s contributions in science and technology have helped us cure diseases; discover new horizons in space; and develop technologies that have vastly improved our quality of life.<\/p> As we celebrate their achievements, we must also open pathways for young girls who aspire to follow in the footsteps of pioneers in science and technology.<\/p> Colleagues,<\/p> Let us also reflect that the theme chosen by the Â鶹APP Commission on the Status of Women for this year is on \u201cachieving gender equality and the empowerment of all women and girls in the context of climate change, environmental and disaster risk reduction policies and programmes\u201d.<\/p> As we strive to meet our obligations to the planet, let us recognize the important work done by women and girls at the forefront of the climate crisis, and whose humanitarian work in disaster-stricken areas has helped save lives and rebuild communities. We owe it to them to not only celebrate their work but to support them.<\/p> Colleagues,<\/p> Our programme of work for the months ahead has been circulated to members prior to the meeting, for consideration and feedback. Please note that the events we have planned are not exhaustive. I welcome further suggestions from the board on the content and format of future events and activities.<\/p> Colleagues,<\/p> We have made much progress within a short while. And with the board\u2019s support and guidance, I am sure that we can keep up this strong momentum.<\/p> I look forward to working alongside all of you to achieve our vision of a gender-equal world.<\/p> Thank you.<\/p>","_et_gb_content_width":"","footnotes":""},"categories":[111],"tags":[550,556,553],"committee-meeting":[],"class_list":["post-262856","post","type-post","status-publish","format-standard","hentry","category-speeches","tag-ga","tag-pga","tag-shahid","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n