In a recent address at the United Nations Conference on Trade and Development (UNCTAD), Dr. Hyginus βGeneβ Leon, the president of the Caribbean Development Bank (CDB), emphasized the urgent need for a new approach to global trade. He stressed that the current status quo is no longer viable and called for a new trade deal that would benefit small island developing states (SIDS) and other developing countries.
Here are some key points from Dr. Leonβs insightful speech:
- Urgent Need for Change: Dr. Leon highlighted the importance of trade liberalization for economic growth and development. He emphasized that the existing frameworks are no longer sufficient and that a new global trade deal is necessary to unlock the full potential of SIDS and other developing nations.
- Addressing Specific Vulnerabilities: The meeting focused on assisting SIDS by addressing their unique vulnerabilities, building resilience, and promoting structural economic transformation. Dr. Leon underscored the need for global leaders to respond to these challenges effectively.
- Partnering for Progress: Dr. Leon expressed the CDBβs readiness to collaborate with multilateral development banks, international organizations, governments, and the private sector. He stressed the importance of working together to reform existing trade frameworks and create a level playing field for all participants.
- Reimagining Development: Dr. Leon encouraged global leaders to seize the opportunity to reimagine development for SIDS. He called for the creation of a resilient ecosystem that integrates various dimensions such as social, financial, environmental, institutional, and productive capacities.
As Dr. Leon aptly stated, βWhat SIDS justly require is the leveling of the playing field to allow all participants a fair chance at victory.β It is clear that a new deal in international trade is essential to propel the growth and development of SIDS. By implementing necessary reforms and fostering collaboration, we can create a more sustainable and prosperous future for all nations. Let us work together to ensure that we achieve prosperity and sustainability for small island developing states and beyond.
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