{"id":277577,"date":"2024-04-26T11:39:47","date_gmt":"2024-04-26T15:39:47","guid":{"rendered":"https:\/\/www.un.org\/pga\/78\/?p=277577"},"modified":"2024-04-26T11:39:59","modified_gmt":"2024-04-26T15:39:59","slug":"pga-remarks-at-the-informal-interactive-dialogue-of-the-general-assembly-on-commodity-markets","status":"publish","type":"post","link":"https:\/\/www.un.org\/pga\/78\/2024\/04\/26\/pga-remarks-at-the-informal-interactive-dialogue-of-the-general-assembly-on-commodity-markets\/","title":{"rendered":"PGA Remarks at the Informal Interactive Dialogue of the General Assembly on Commodity Markets"},"content":{"rendered":"

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Opening Remarks by the President of the General Assembly,<\/strong><\/p>\n

Mr. Dennis Francis,<\/strong><\/p>\n

at the Informal Interactive Dialogue of the General Assembly on Commodity Markets<\/strong><\/p>\n

26 April 2024<\/strong><\/p>\n

[As Delivered]<\/strong><\/p>\n

 <\/p>\n

Ms. Rebeca Grynspan , Secretary-General of UNCTAD,<\/em><\/p>\n

Excellencies, Invited Panelists,<\/em><\/p>\n

Ladies and Gentlemen,<\/em><\/p>\n

It is a great pleasure to welcome you all to this General Assembly\u2019s informal interactive dialogue on commodity markets, a subject of special importance to so many countries in the Global South, whose development is constrained by the vagaries of global markets for such products.<\/p>\n

I am particularly grateful to the United Nations Conference on Trade and Development for their robust support and partnership in organizing this event \u2013 a commitment evidenced by the presence with us here today of Ms. Rebeca Grynspan, its distinguished Secretary General, who will contextualize our discussion by delivering a Keynote Address.<\/p>\n

Commodities \u2013 the basic goods and raw materials that form the bedrock of global trade \u2013 are integral to the global economy.<\/p>\n

These commodities \u2013 ranging from the cereals in our meals to the cotton in our clothes, to the copper in our electronics \u2013 underpin production, consumption, and trade worldwide.<\/p>\n

While commodity markets are vital to the global economy, excessive dependence on commodities can create adverse consequences for a nation’s economic sustainability and the well-being of its people.<\/p>\n

Globally, commodity dependence \u2013 defined as a scenario where 60 percent or more of a country’s export revenue depends on basic goods \u2013 disproportionately affects developing countries, in particular.<\/p>\n

Consider that \u2013 according to the most recent UNCTAD State of Commodity Dependence report \u2013 only 13 percent of advanced economies, particularly Australia and Norway, are commodity dependent.<\/p>\n

By contrast, a staggering 85 percent of the world\u2019s Least Developed Countries are commodity dependent.<\/p>\n

A majority of Landlocked Developing Countries and Small Island Developing States also find themselves in similar situations of commodity dependence \u2013 rendering their economies vulnerable, and highly susceptible to external shocks.<\/p>\n

The fact that the number of commodity-dependent developing countries has increased \u2013 from 94 to 99 between\u00a0 2002\/04 and 2020\/22 \u2013 should sound the alarm bell for us, because, addressing the issue of commodity dependence is key to the implementation of the 2030 Agenda for Sustainable Development and achieving the SDGs.<\/p>\n

 <\/p>\n

Excellencies, <\/em><\/p>\n

Peculiar challenges faced by commodity-dependent economies are many and varied, including that:<\/p>\n