Madam President,
Excellencies,
Distinguished delegates, a very good afternoon to you!
I join other speakers in congratulating Her Excellency Ambassador Maimuna Tarishi, Permanent Representative of the United Republic of Tanzania, on her assumption of the Presidency of the Trade and Development Board (TDB) of the UNCTAD. We would like to place on record our appreciation and gratitude to Ambassador Villegas, Permanent Representative of Argentina, for his tireless efforts in steering the work of the Trade and Development Board. We thank the Acting Secretary-General and the Secretariat for their constant support.
India aligns itself with the statement delivered by Afghanistan on behalf of the Group of G-77.
Madam President,
This Session of the Trade and Development Board comes at a momentus time, when countries are endeavouring to recover from the devastating socio-economic impact of COVID-19 pandemic and build back better. It is of high importance that the UNCTAD, with its integrated approach to trade and development, continue to provide policy advice, analysis and other support to mitigate the negative impact of COVID-19 pandemic on developing countries and to enable them to build back better.
The year 2020 saw an unprecedented crisis in global trade, finance and investment, which impacted adversely on the global economy. According to UNCTAD’s Report, the global trade declined in 2020 by 9%, whereas the global FDI flows declined in 2020 by 35%, compared to 2019. Global supply chains have been severely disrupted by the pandemic. The impact of pandemic has been especially pronounced on the economies of the developing countries. The impact of the pandemic on various sectors of the global economy, including the decline in global trade and investment flows, will continue to pose daunting challenges to the developing countries and cause setback to their efforts towards achieving the SDGs.
Madam President,
Globally, there is an urgent need to enhance production of essential drugs and vaccines to support the healthcare systems around the world. It is towards this objective that India and South Africa have jointly proposed TRIPS waiver to address the challenges that developing countries have faced in accessing vaccines as well as other tools to fight COVID-19 pandemic. The pandemic has also shown the need to de-risk and build resilience in global supply chains by increased diversification. A stronger, concerted global effort is needed to increase investments to support sustainable and inclusive recovery, particularly in infrastructure and the energy transition and in healthcare.
The fundamentals of India’s economy remain strong as reflected in India attracting FDI of $ 64 billion in 2020. Further, India’s outbound investment declined only marginally in 2020. However, in line with the global trend, India’s external trade declined by around 14% during April 2020 to March 2021. We hope to reverse this trend in 2021-2022. Promoting external trade has been a vital aspect of India’s development strategy. We have scaled up our production capacities in various sectors, including essential drugs and other materials to support our healthcare system. A self-reliant India will continue to play a leading role in global trade and investment.
India strongly believes that the 15th Ministerial Conference of the UNCTAD is an opportunity to set a transformative agenda for global trade and development. India stands ready to play its part and work with other countries in building a more inclusive, caring and sustainable future for all.
Thank you
