Islamabad, 1 October 2021 (GNP/ TDI): Foreign Minister of Pakistan, Shah Mahmood Qureshi participated virtually in the G-77 Ministerial meeting held on Friday. The meeting was convened ahead of the 15th session of the United Nations Conference on Trade and Development (UNCTAD15). Barbados will host this conference virtually from 3 to 7 October. The conference occurs quadrennial and is the highest decision-making body of the UNCTAD. With the theme “From inequality and vulnerability to prosperity for all”, the conference aims to take concrete steps to achieve sustainable development goals (SDGs).
It is the first major conference of the UN on trade scheduled amid the fourth wave of the COVID-19 pandemic. Shah Mahmood stressed multiple inequalities that exist in today’s financial world. He has underscored that vaccine equity, debt relief, and concessional finance must be ensured to address these inequalities. Foreign Minister further apprised the Group of needed reforms in the international trade, financial and taxation system to help developing countries.
Shah Mehmood Qureshi has also appreciated the efforts of G-77 countries in promoting and advancing the interests of the developing countries related to trade, development, and investment. While acknowledging the work of UNCTAD, Foreign Minister Shah Mahmood expressed that this platform has enabled the developing countries to participate and get the benefit from international financial, taxation, trading, and investment regimes by providing exceptional analytical reports, policy advice, and technical support.
Both the UNCTAD and the Group of 77 were established in 1964. UNCTAD is an intergovernmental organization. It is the part of the United Nations Secretariat that intends to promote the interests of the Global South in international trade, investment, and development issues.
With the same objectives as of UNCTAD, Group of 77 was established initially as a group of 75 countries but now its membership has expanded to 134 member countries. However, the Group’s name is still retained due to its historical significance. It consists of African, Asian, Caribbean, and Latin American countries.