Remarks by H.E. Mr. Abdulla Shahid, President of the 76th session of the United Nations General Assembly
31 March, 2022
Excellencies,
Today’s dialogue on Commodity Markets was timely and relevant, as demonstrated by the rich and engaging discussions held throughout the day.
Throughout the day we’ve heard how the COVID-19 pandemic has severely impacted the global economy, particularly commodity markets. Commodity-dependent developing countries faced, and continue to face, immediate and direct impacts related to both the spread of the coronavirus and measures to contain it.
During the panel discussions, it was underscored that climate change is also disproportionately affecting commodity-dependent developing countries.
In addition to the direct impacts on commodity value chains, the rapid transition to sustainable sources of energy that is required to achieve the objectives of the Paris Agreement, will also require Commodity Dependent Developing Countries that are dependent on fossil fuel exports to diversify at a much quicker pace.
In the long term this will surely bring benefits, though in the short term there will be an understandable squeeze.
Excellencies,
Since the start of the conflict in Ukraine, over a month ago, food and fuel prices have soared. The adverse effects on commodity trade and commodity prices have been sharp, swift, and severe, underscoring the vulnerabilities associated with commodity dependence.
In order to achieve the SDGs, developing countries must move from a state of vulnerability to resilience.
It was reinforced throughout the discussions that for commodity-dependent developing countries, diversification of economic activities and value addition to commodities, enabled by technology and innovation, and underpinned by greater political will, are crucial. And this is the direction we must all move towards – together, as an international community.
I would like to extend my sincere appreciation to all the participants who contributed to today’s dialogue.
I am profoundly grateful to the Secretary-General of UNCTAD, Ms. Rebeca Grynspan, and her team here in New York and in Geneva, who have worked closely with my team in organizing today’s dialogue.
Finally, my sincere appreciation goes to all the Member States who have attended and participated in the discussions and made statements. A summary of today’s proceedings will be circulated in due course.
Excellencies,
As I noted in my opening statement this morning, commodity dependence is not just a sectoral issue, it is fundamentally a development one.
I urge the international community and all development partners to swiftly re-double efforts to comprehensively address the challenges of commodity dependence as we move forward in a post-pandemic world.
I thank you.
