International trade remains an engine for development, contributing to economic growth, job creation, and poverty reduction. Digital technologies are creating new trading opportunities for countries with the infrastructure and capabilities to harness them. At the same time, tariffs and trade restrictions are on the rise and multilateral negotiations are stalling. Many developing countries with limited productive capacities and trade infrastructure continue to face difficulties in integrating into value chains. To fully realize the benefits of trade and technology, coordinated national and international efforts are essential to bridge digital divides and promote financial inclusion and financial health.

This session will explore how trade and technology can be better harnessed together to drive inclusive and sustainable development amid emerging challenges and opportunities.

Framing questions:

• How can international trade policies and multilateral cooperation be reinvigorated to ensure that trade remains an engine of sustainable development?
• How can global and national efforts mitigate the risks associated with rising trade restrictions and technological fragmentation?
• What role should multilateral institutions play in ensuring that trade and technology policies work together to drive inclusive growth?

Chair: ECOSOC President/Vice-President                                                                                                 

Moderator: Ms. Mariana Mazzucato, Professor in the Economics of Innovation and Public Value at University College London

• H.E. Ms. Fatoumata Bako Traore, Minister for the Budget, Burkina Faso
• H.E. Ismaël Nabé, Minister of Planning and International Cooperation, Guinea
• H.E. Mr. Steven Collet, Deputy Vice Minister for Foreign Trade and Development, Netherlands

Civil society response from the floor (2 minutes)

Ministerial interactive discussion

Chair: President of ECOSOC

• Closing remarks by Ms. Amina Mohammed, United Nations Deputy Secretary General
• Closing statement by the President of ECOSOC

Programme

Panel discussion 6 on specific actions in the first draft of the outcome document on ‘II.D. Trade as an engine for development’

Introductory remarks and moderation

H.E. Ms. Alicia Buenrostro Massieu, Deputy Permanent Representative of Mexico to the United Nations

H. E. Mr. Lok Bahadur Thapa, Permanent Representative of Nepal to the United Nations

Panelists

Mr Guy Lamothe, Director of Cabinet of the Ministry of Planification, Haiti

Mr Charles M Mujajati, Director of Economic Planning and Modelling, Ministry of Finance, Economic Development and investment Promotion, Zimbabwe

Discussants

Mr. Patrick Olomo, Department of Economic Development, Tourism, Trade, Industry, Mining, African Union Commission

Mr. Manuel Montes, Senior Advisor, Society for International Development

Interactive discussion (2-minute time limit)

Background and Guiding Questions

International trade as an engine for development is increasingly under threat. Tariffs and trade restrictions are on the rise globally amidst rising trade tensions and stalled multilateral negotiations. Developing countries, in particular LDCs, LLDCs and SIDS with limited productive capacities and trade infrastructure, have challenges integrating productively into the world economy. This calls for concrete measures to improve their capacities to trade and generate value-added, with a focus on the furthest behind including from trade in commodities and critical minerals. It also calls for a recommitment to multilateral trade that upholds policy space for sustainable development within a universal, rules-based, fair, open, transparent, predictable, inclusive, non-discriminatory and equitable system.

The trade chapter of the first draft contains actions to preserve the multilateral trading system as a key driver of economic growth and sustainable development; strengthen trade capacities of developing countries, in particular LDCs, LLDCs and SIDS, and their ability to integrate intro regional and global value chains in a very challenging global context; boost trade in LDCs, many of which remain marginalized and dependent on natural resources and primary commodity exports; and to increase local value addition and beneficiation of critical minerals and commodities in developing countries.

Panelists in this session are invited to pay particular attention in their interventions on the proposals on preserving trade as an engine for development, in particular for developing countries. They are invited to address the following questions:

• How can FFD4 support reform of the multilateral trading system and preserve the role of trade as an engine for development, particularly for developing countries? (actions 36 a-f and 37 a-d)
• How can FFD4 strengthen international cooperation to ensure that developing countries and local communities endowed with critical minerals and commodities fully benefit from these resources? (action 39a)