To prepare the country for recovery from COVID-19, Thailand has outlined holistic approaches that would transform global trade and a development system that would leave nobody behind.
On 5 October 2021, Deputy Prime Minister and Minister of Foreign Affairs Don Pramudwinai delivered a pre-recorded statement at the General Debate of the Fifteenth Session of the United Nations Conference on Trade and Development (UNCTAD XV).
The Conference was co-hosted virtually by Barbados and UNCTAD from 3 to 7 October 2021 under the theme “From Inequality and Vulnerability to Prosperity for All.”
Don underlined Thailand’s vision for balanced, sustainable and green recovery from COVID-19 with the Bio-Circular-Green Economy Model (BCG Model) and shared three inter-related approaches on how to transform global trade and a development system to delivers prosperity for all, at the General Debate of the UNCTAD XV.
First of all, he said, the power of Big Data and technologies must be harnessed to raise awareness and mobilize all sectors of society to transition production and consumption patterns towards more sustainable practices.
Secondly, he added, it must expand access to finance, bridging the skills gaps and eradicating regulatory barriers by fostering greater participation of SMEs, women and youth in BCG supply chains.
Thirdly, he pointed out that both financial and technical support must be given to developing countries to enable them to localize low-carbon technologies.
Furthermore, UNCTAD XV aims to endorse the Bridgetown Covenant which will provide a platform for action to address inequality, reduce vulnerability and ensure lasting prosperity for all.
The Covenant will emphasize the impact of COVID-19 on trade and development, challenges from global megatrends, building a resilient economy and sustainable development, and enhancing UNCTAD’s role in technical cooperation.
UNCTAD is an intergovernmental body under the United Nations umbrella with functions to promote international economies and development cooperation with a focus on developing countries’ perspectives.
It also serves as a forum to exchange views on trade, investment, finance and technology as vehicles for development, with a view to supporting developing countries to access the benefits of a globalized economy more fairly and effectively. Currently, UNCTAD comprises 195 members.
Former Thai Deputy Prime Minister Supachai Panichapakdi served as the Director-General of UNCTAD from 2005 to 2009, after he completed his position as the chief of the World Trade Organization.
The BCG model has been adopted as one of the key national agendas that will help the country to speedily recover from the negative impacts of the pandemic.
(NNT) Article by Kavi Chongkittavorn