61st session of the Trade and Development Board (TDB) of UNCTAD

[15 September 2014, Geneva]

General Statement by Mr.B.N.Reddy,

Deputy Permanent Representative (DPR) of India

Madam President,

Secretary General Dr.Kituyi,

On behalf of the delegation of India, I wish to join other members in congratulating you, Madam President on your election to the Presidency of the Board, and also other members of the Bureau. My delegationwishes to place on record our deep appreciation to His Excellency Ambassador TriyonoWibowo of Indonesia for his leadership during the 50th anniversary of UNCTAD.

My delegation associates itself with the statements made by the G-77, and the Asian Group.

India would like to congratulate the Secretary-General for a comprehensive and analytical ‘Trade and Development Report of 2014’ which is based on in-depth research,which has been the hallmark of UNCTAD, and also for his presentation earlier in the day.

Madam President,

The TDR 2014 examines the current trends and challenges in the world economy and attempts to provide policy responses for a balanced growth. The report highlights the contrasts and highly unequal patterns of income and wealth distribution, where the world’s 85 wealthiest citizens own more than its bottom three and a half billion. It concludes that, there is no one-size-fits-all approach to economic policy to achieve sustainable and inclusive development.

Six years after the onset of the global financial crisis, the world economy is still fragile, and international trade remains gloomy. The potential vulnerability of developing economies is heightened by persistent weaknesses in the international financial architecture.

The gaps in the international financial architecture that allow the recurrence of crises stare us in the face today. These crises have global ramifications and underscore the need for collective action. We need greater coordination of macroeconomic policies of major economies. Developing countries need a rule-based, stable and predictable global order which gives them the policy space and time to develop. The reform of governance systems of international financial institutions ought to be pursued with speed and efficiency. The TDR 2014 highlights the key dimension of fiscal space and governance issues at the multilateral level that need to be an integral part of the post-2015 development agenda.

Madam President,

The topic of High-level segment, ‘Tackling inequality through trade and development: A post-2015 Challenge’ very timely. The TDR rightly points out that, it is an integral part of the quest for a more sustainable and inclusive development agenda beyond 2015. It certainly deserves a rethinking of the traditional approach to policymaking, and need for a vision of the world in which national and international policies work in tandem to address pressing issues of concern to both developed and developing countries.

We support UNCTAD’s effective role in the ongoing debate on the Post-2015 Agenda.

Madam President,

We also note with interest the topics of discussion during this session, which are both relevant and timely. Interdependence-christened globalization – represents the salient feature of today’s world that has profoundly impacted the economic and social aspects of our life. The global financial crisis has shown that economic liberalization and globalization have increased the vulnerability of not only the developing and least developed countries, but the developed countries as well. It also underscores the need for sound policy responses.

We hope that the deliberations in this TDB will provide suggestions on policy options and guidance to UNCTAD for further policy analysis.

My delegation reiterates its full support to UNCTAD and readiness to work with other member states.

Thank you.

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