General Assembly: Macroeconomic Policy Questions

Date/Location: Thursday, October 24th, 2013; 10:00-13:00. Conference Room 2, Conference Building Key Speakers: His Excellency Mr. Abdou Salam Diallo (Senegal), Director of UNCTAD, Representative of DESA, Director of DITC, Mr. Guillermo Valles, Delegates from Fiji (on behalf of Group 77 and China), Jamaica (on behalf of Caribbean Community), Ethiopia (on behalf of the African Group), Cuba (on behalf of CELAC), Malaysia (on behalf of ASEAN), Australia (on behalf of CAIRNS group), Lao People’s Democratic Republic (on behalf of the Group of Landlocked Developing Countries), Libya, Nicaragua, Syrian Arab Republic, Bangladesh, Belarus, Pakistan, Brazil, Mexico, Senegal, New Zealand, Nigeria, China, India, Canada, Russian Federation, South Africa, Zambia, Trinidad and Tobago, United States, Jordan, Singapore, Thailand, Qatar and Islamic Republic of Iran.

Intern: Diego Atehortua

UnknownOn the 19th Meeting of the Second Committee, dealing with macroeconomic policy questions, delegates discussed Unilateral and Multilateral Economic Measures, as well as the expansion of international trade, and the need of trade to be incorporated in the Post 2015 Development Agenda. Director of Division on International Trade in Goods and Services and Commodities discussed the importance of the revitalization of trade as it has grown two to three times faster than GDP.

Director of United Nations Conference on Trade and Development shared a concerning future, as unemployment rates remain high, imports from economic recovering countries are yet to increase and external demand has yet to increase. UNCTAD assured their efforts in contributing greatly to issues regarding debt. Representative of Fiji, on behalf of Group 77 and China said that the Unilateral Trading System needed to be dealt with, as it is not in accordance to UN policy.

The Delegation of Jamaica discussed the need for diversifying trade negotiations and the involvement of developing countries in the trade system. Representative of Cuba discussed the need for debt restructuring for developing countries, as it would provide fairness to developing countries and their involvement in international trade.

The representative of Malaysia, on behalf of the Association of Southeast Asian Nations was pleased to announce their growth of $59.6 billion to $192. 5 billion (USD) in their growing trade negotiations with China. Malaysia encouraged the committee on remaining focused towards achieving MDG’s. Representative of New Zealand expressed his regret on World Trade Organization’s and DOHA’s members unable to achieve an agreement, but strongly supports a multilateral economic agenda.

The Delegation of India discussed the idea of a universal multilateral trading system, which can potentially serve as the catalyst to eradicate poverty. India also discussed removing “barriers” which disallow for developing countries to be involved with trade and emphasized the idea of financing for development.

The representative of Belarus spoke of the importance of food security and sustainability as the committee aims for international trade. The Delegation of Australia addressed the need for a 70% increase of food production, as the world expects to inhabit 9 billion people by the year 2050. The United States remarked the importance of agricultural growth and expansion as well as their support of the collaboration between the World Banks and the United Nation for the purpose of monitoring.

Representatives of India and Pakistan both hoped for a successful Ninth Ministerial Conference which will be held in Bali, Indonesia, from 3 to 6 December 2013. Pakistan hopes this meeting will serve as a stepping stone to the finalization of DOHA/WTO agreements.

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