Economic revival hot topic at UN convention

Economic revival hot topic at UN convention

The 14th Session of the United Nations Conference on Trade and Development opened in Nairobi, Kenya on Sunday.

Addressing the opening ceremony, UN Secretary-General Ban Ki-moon urged participants to focus on strong collaboration, equality and inclusion in trade, finance and investment in order to better align action with agreed-upon sustainable development targets and help restore trust in the global economy.

The theme of the Conference is "From decision to action: moving toward an inclusive and equitable global economic environment for trade and development."

The Conference will feature ministerial debates, high-level round tables, thematic events, a World Investment Forum, a Global Commodities Forum, a Youth Forum and a Civil Society Forum, among other events.

UNCTAD 14 takes place as governments operationalize the 17 Sustainable Development Goals under the 2030 Agenda for Sustainable Development adopted by world leaders at the United Nations summit for the adoption of the post-2015 development agenda in September 2015, and in the wake of the Paris climate change deal.

In his speech at the opening ceremony, Kenya President Kenyatta has also asked for a solution to high commodity prices which he says are a burden to developing countries.

Earlier in the morning, the 14th Ministerial Meeting of the Group of 11 and China was held. Liu Xianfa, Chinese Ambassador to Kenya, delivered a speech on behalf of the Chinese delegation.

Liu said under the situations thatthat considering the world economy is was under adjustment, the in-depth impact of the international financial crisis hads not been eradicated, a lack of impetus in and the global growth is lack of impetus, and that the goals proposed by the Group of 77 at its establishment in 1964 hads not been achieved, the group therefore should strengthen cooperation and further enhance its role.

He urged the Group of 77 to enhance its agglomeration forces, cohesiveness and bring new vitality and energy to consolidate its role.

The Group of 77 should better realize its historical task for the co-development of the developing countries, he said. It should uphold the spirit of equally mutual trust and benefits to forge the "Community of Shared Destiny".

He urged the Group of 77 should to strengthen its cooperative mechanism to follow issues of global economy, trade, investment, finance and others to bring positive energy to global economic affairs.

The ministerial meeting of the G-77 is a tie to be pragmatic and result-oriented with respect to the current negotiations, said Joakim Reiter, Deputy Secretary-General of UNCTAD to the Fourteenth Ministerial Meeting of the Group 77 and China.