Coordinated efforts will improve economic growth, sustainability in Latin America, Caribbean states – Minister Todd

Minister of Foreign Affairs and International Cooperation, Hugh Todd, MP has highlighted the need for coordinated efforts to improve economic growth and sustainability in the Group of Latin America and the Caribbean (GRULAC).

The minister was, today addressing the 15th United Nations Conference on Trade and Development (UNCTAD).

During the address, Minister Todd emphasised that GRULAC is caught at a pinnacle moment where it is investing to achieve a positive outcome in the challenges that are ahead.  

Minister of Foreign Affairs and International Cooperation, Hugh Todd, MP

“Since the outbreak [pandemic] millions of people have lost their lives, jobs and livelihoods. More specific to developing countries, the pandemic has also worsened the socioeconomic challenges faced, and has set back efforts in structural transformation and economic diversification.”

Further, Minister Todd pointed out that the impact of development threats such as climate change, declining trade flows, and widening inequalities in developing countries have been brought to the forefront of the pandemic. More than ever, the Minister said these conditions prove the importance of multilateral coordination rather than unilateral actions.

“In the context, this group would also like to highlight the importance of pursuing coordinated efforts to the sustainable external debt crisis in many of our countries and courage resolutions that will allow for economic growth and improved fiscal sustainability in developing countries.”

It is in the face of these challenges that the foreign affairs minister stated that GRULAC understands the critical role UNCTAD as the vehicle for policy analysis, consensus building and technical assistance for developing countries to better integrate into the global economy.

Training and capacity building programmes, assistance in formulating trade and investment policies that support technical transfer and innovation are among the numerous activities undertaken by UNCTAD to promote development, create jobs and increase foreign direct investment opportunities, Minister Todd pointed out.

At this critical juncture in history, he highlighted that the role of UNCTAD as a focal point for trade and development in the UN system has become more vital. To this end the minister reiterated the group’s continuous support for the work of UNCTAD.

Recognising the successes of the group and acknowledging challenges, member states would be equipped with the requisite tools for sustainable development over the next four years, Minister Todd said.

While this may seem a heavy task, he noted that it is not insurmountable. GRULAC, the foreign affairs minister said, is mindful that these negotiations require compromise on the part of all member states to address the best interests of all stakeholders.  

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Tags: DPI |Department of Public Information, Guyana, Government, 2021, Ministry of Foreign Affairs and International Cooperation, Hugh Todd, Group of Latin America and the Caribbean, GRULAC, United Nations Conference on Trade and Development, UNCTAD