The slowdown in global trade and lack of productive investment are intensifying deep divides, protectionism and even xenophobia, United Nations Secretary General Ban Ki-moon said at the opening of the fourteenth session of the United Nations Conference on Trade Development, UNCTAD 14, in the Kenyan capital.
The Conference was opened by Kenya’s President Uhuru Kenyatta in the presence of Ban Ki-moon and UNCTAD Secretary General Mukhisa Kituyi. The Vice-President of Uganda, Edward Kiwanuka Ssekandi, represented Yoweri Museveni, Uganda’s President, detained at an African Union summit taking place in Kigali.
“There are worrying signs that people around the world are increasingly unhappy with the state of the global economy,” said Ban, who noted high inequality, stagnant incomes, not enough jobs, especially for youth and too little cause for optimism.
“The global trade slowdown and a lack of productive investment have sharpened the deep divides between those who have benefited from globalisation, and those who continue to feel left behind,” he said. “And rather than working to change the economic model for the better, many actual and would-be leaders are instead embracing protectionism and even xenophobia.”
Linking the UNCTAD mission of bringing prosperity for all to the Sustainable Development Goals agreed by United Nations Member States in 2015, Ban told delegates, “You can count on the UNCTAD secretariat and the entire United Nations system to support your efforts and implement your vision.”
President Kenyatta said that making such decisions on development aspirations were meaningless without action. “UNCTAD 14 is a wonderful opportunity to exchange views on how these milestone decisions can be translated into action,” he added.
“Confidence that globalisation can deliver is receding. It is critical we now turn from making promises to keeping promises,” Dr Kituyi said.
