General Statement by India at the Third Session of the Intergovernmental Group of Experts on Financing for Development of UNCTAD delivered by Sh. Animesh Choudhury, First Secretary at Palais des Nations, Geneva on 04th November 2019. 

Thank You Mr. President,

At the outset, India aligns itself with the statement delivered by Ecuador on behalf of the Group G-77+China.

2. We congratulate you and the Vice-Chair for your election to steer the proceedings of this IGE.

Mr. President,

3. This Inter-Governmental Group of Experts set up following the Maafikiano mandate has been a significant platform for focused discussions on a subject as important as ‘Financing for Development’. As we move towards the next Ministerial Conference of UNCTAD in 2020, it is time for us to reflect on the trajectory charted since the last Ministerial Conference in Nairobi.

4. Our vision following the Addis Agenda must be to go beyond merely ‘financing for development’ and aim at ‘making development happen’. Our enhanced ambition on development finance must be coupled with a genuine effort at creating a global system conducive to development itself. The success of the implementation of SDGs hinges on the mobilization of adequate resources, fact recognized in SDG17.

5. The Addis Ababa Action Agenda of the Third International Conference on Financing for Development recognizes the need to assist developing countries in attaining long-term debt sustainability through coordinated policies aimed at fostering debt financing, debt relief, debt restructuring and sound debt management.

6. In order to achieve SDGs by 2030, the international financial system needs to ensure a substantial augmentation of net financial flows to developing countries and LDCs. After more than a decade since the global financial crisis, the world economy is still fragile. The potential vulnerability of developing economies is heightened by persistent weaknesses in the international financial structure. There is a need for greater coordination of macroeconomic policies of major economies. The international financial system needs to incentivize long term investments in sustainable development.

Mr. President,

7. Hence the focus of this session of the IGE on International Development Cooperation and interrelated systemic issues is timely and pertinent. It is essential to realize the fulfillments of all Official Development Assistance commitments as the figures over the last few decades fall well below intended targets.

8. Tax revenue remains the most important means for developing countries for mobilizing resources to meet the ambitious targets of the 2030 Agenda and attaining the Sustainable Development Goals. It has direct relevance to the illicit financial flows, especially out of developing countries as well as in creating the right international system for the movement of finance. As is widely recognized in a world of cross-border trade, investment and finance, there are limits to what can be done by domestic policy alone; necessitating strengthened international cooperation in tax matters. The long standing matter on upgrading the UN Committee of Experts on international cooperation on tax matters into an intergovernmental body needs to taken seriously.

 Mr. President,

9. India has always maintained that technology cooperation should be seen as a win-win proposition. However, it is unfortunate that discussions on technology transfer have generally garnered lukewarm response in the international forums. There is a lot to be achieved and realized on this front.

10. India attaches importance to its engagement with developing countries and is forthcoming in sharing its expertise and development experience. Our approach to development-aid is one based on solidarity and is voluntary in nature. India’s approach has always been sensitive to the needs and requirements of our development partners and has never resulted in any indebtedness or disruption of their economies. In this spirit; we have established the India-UN Development Fund to take our South-South development cooperation engagement even further. However, we believe Triangular and South-South Cooperation can only supplement the international obligations to Development Assistance.

Mr. President,

11. India believes that the Intergovernmental Group of Experts on Financing for Development has been doing a commendable job. However it is important to ensure adequate follow-up action on the IGE’s recommendations. We look forward to constructively engaging in the discussions in this session of the IGE.

Thank You