Remarks by the President of the General Assembly,
Mr. Philémon Yang,
48th Annual Ministerial Meeting of the G77 and China,
United Nations Headquarters, Conference Room 2, 27 September 2024,
[As Delivered]
Your Excellency Mr. Antonio Guterres, Secretary-General of the United Nations,
Excellencies,
Ladies and Gentlemen,
This year, we commemorate the 60th anniversary of the G77 and China—a milestone in the long journey of solidarity among the countries of the Global South.
Over the past six decades, we have demonstrated our collective strength, and underscored the critical importance of multilateralism in addressing global challenges.
All the while, the Global South continued to grow and emerge as the economic force we see today.
This is evidenced by the leaps and bounds made in GDP growth across the Global south, which has risen from 24 percent to over 40 percent in the last 40 years.
Alongside its economic rise, South-South cooperation has gained traction, and the Global South has become a key bloc for cooperation and collaboration.
In 2023, South-South trade volume surpassed South-North trade for the first time, a clear manifestation of the growing solidarity among countries of the South.
Excellencies,
Our shared commitment, originating from the Group’s first Ministerial Meeting in Algiers in 1964, remains the pursuit of economic and social development—both individually and collectively.
However, despite our many successes, countries of the Global South continue to face a complex and often unforgiving international environment that hampers their development efforts.
For instance, the Sustainable Development Goal investment gap in developing countries now stands at a staggering $4 trillion per year.
Although international development cooperation, especially North-South cooperation, remains the primary channel for development financing, developed countries have consistently failed to meet their commitments.
The target for developed nations to provide 0.7% of their GNI in Official Development Assistance has not been met once since its formal approval more than 50 years ago.
If we are to achieve our objectives, we must ensure the full and effective implementation of the Addis Ababa Action Agenda.
More urgently, we must accelerate the reform of the international financial architecture to keep pace with a changing global landscape.
This reform is vital to strengthening the voice and representation of developing countries and mobilizing additional financing to support their sustainable development efforts more equitably and effectively.
The Pact for the Future provides us with a blueprint to pursue these much-needed reforms.
As we look ahead, the upcoming Fourth International Conference on Financing for Development presents a key opportunity to assess our progress and confront the emerging financing challenges that lie ahead.
The G77 and China possess the full potential to advance sustainable development by drawing strength from solidarity.
Together, the countries of the Global South can create a sustainable future for both present and future generations.
Rest assured; you have my full support throughout this 79th session of the General Assembly.
Thank you, and I wish you a very impactful meeting.
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