By Winnie Kamau
The Fourteenth Session of the United Nations Conference on Trade and Development(UNCTAD 14) themed “from decision to action” opened in Nairobi the capital city of Kenya in pomp and colour with over 7,000 delegates from all over the world converged to discuss some of the pressing issues on Global Trade.
The Global meeting attended by high level delegation was hosted for the 2nd time in Kenya since 1976 when the Fourth session was held.
President Uhuru Kenyatta welcomed the delegates saying, “Forty years later there has been momentous changes in the world economies the changes presented as challenges and also opportunities .”
Kenyatta noted many nations had undergone a lot of transformations in terms of economic, political and social growth. “UNCTAD 14 is a wonderful opportunity for all of us to exchange views on how this milestone decision can be translated to action because decision without actions are mute .”
United Nations Secretary General Ban Ki Moon noted that there was a global trade slowdown which is affecting the markets of the world .“Today, with a global slowdown and declines in commodity prices, this issue is again a hot button of development issue.”
Ban Ki-moon also recognized the vulnerability from volatile markets, social instability from a fragile global environment has been weakened by climate change which has led to the increasing worry by the global economy .“There are worrying signs that people around the world are increasingly unhappy with the state of the global economy.”
The Secretary General also noted that financing must flow to the sectors and countries that need it most so that the infrastructure needed to develop sustainability and limit global climate change is available to all.
This comes amidst major concerns of misinvoicing a report released by UNCTAD showed that commodity-dependent developing countries were losing 67% of their exports earnings due to misinvoicing. The study conducted in five natural-resource-rich developing countries included Chile, Cote d’Ivoire, Nigeria, South Africa and Zambia.
Though optimistic UNCTAD’s Secretary General Dr. Mukhisa Kituyi noted that “Confidence that globalization can deliver is receding. It is critical we now turn from making promises to keeping promises.”
During the opening Session Ambassador Amina Mohamed Kenya’s Foreign Affairs Cabinet Secretary, Ministry of Foreign Affairs was elected as President to chair the Fourteenth session of UNCTAD taking over from Qatar Minister of Culture and Heritage, Hamid Bin Abdulaziz Al- Kawari. Abdulaziz who chaired the 13th Session noted that divisions between North and South needed to be transcended to allow fostering of a new culture .“Fostering a new culture also requires us to transcend the divisions which have for so long divided the North and South .” adding “Ours is a new world there are many challenges that the developing world faces persist and have yet to be overcome. Our gathering here in Nairobi is part of global effort to overcome and transcend those challenges.”
UNCTAD currently has 188 member countries assigned with six countries pending assignment.
