ECONOMIC COMMITTEE TEXT SEEKS IMPROVED MEASURES TO DEAL WITH EFFECTS OF FINANCIAL CRISIS ON INTERNATIONAL TRADING SYSTEM
Press Release
GA/EF/2847
ECONOMIC COMMITTEE TEXT SEEKS IMPROVED MEASURES TO DEAL WITH EFFECTS OF FINANCIAL CRISIS ON INTERNATIONAL TRADING SYSTEM
19981106 Second Draft Calls for High-level Policy Debate on Implementation Of Commitments at Conference on Environment and Sustainable DevelopmentThe General Assembly would stress the need for improved and coordinated measures to address the effects of the financial crisis on the international trading system and on the development prospects of developing countries, according to one of two draft resolutions introduced this morning in a meeting of the Second Committee (Economic and Financial).
That draft, on international trade and development, stated that there was a need for greater coherence between the development objectives agreed to by the international community and the functioning of the international trading and financial system. In that context, the Assembly would call for close cooperation among the United Nations system, the World Trade Organization and the Bretton Woods Institutions.
The draft would also have the General Assembly request the United Nations Conference on Trade and Development (UNCTAD) to continue to identify and analyze the implications for development of issues relevant to investment, taking into account the interests of developing countries and bearing in mind the work undertaken by other organizations.
By the second draft resolution, on implementation of commitments undertaken at the United Nations Conference on Environment and Development (UNCED) and the nineteenth special session of the General Assembly, the Assembly would call upon the Commission on Sustainable Development to, among other things, conduct a high-level policy debate aimed at consensus-building on sustainable development.
NANDHINI KRISHNA (India) speaking on behalf of the Group of 77 Developing States and China, introduced the draft resolution on implementation of commitments undertaken at the United Nations Conference on Environment and Development (UNCED) and the nineteenth special session of the
General Assembly (A/53/L.25). The draft was sponsored by Indonesia, on behalf of the Group of 77 Developing States and China.
By the text, the General Assembly would call upon the Commission on Sustainable Development to undertake tasks which complement and provide linkages to the work of other United Nations organs, organizations and bodies acting in the field of sustainable development, including conducting a high- level policy debate aimed at consensus-building on sustainable development. The Commission would also be called upon to play its role in assessing the challenges of globalization as they relate to sustainable development, and to perform its functions in coordination with other subsidiary bodies of the Economic and Social Council.
It would request the Secretary-General, in close collaboration with all relevant parts of the United Nations system -- including the Global Environment Facility, the United Nations Environment Programme (UNEP), the United Nations Conference on Trade and Development, the United Nations Development Programme (UNDP) and the regional commissions -- to prepare and submit an annual analytical report on the measures undertaken by those bodies to accelerate implementation of Agenda 21 and the Programme of Action for the Further Implementation of Agenda 21, including identification of constraints and recommendations on how to address these constraints.
It also requests the Secretary-General to include in that annual report the outcome of relevant deliberations in the Commission under its multi-year programme of work with a view to facilitating preparations for the forthcoming review of the implementation of Agenda 21 in 2002.
PRIANTI DJATMIKO-SINGGIH (Indonesia) on behalf of the Group of 77 Developing Countries and China, introduced the draft resolution on international trade and development (A/C.2/53/L.26). The draft was sponsored by Indonesia, on behalf of the Group of 77 Developing States and China.
By the draft, the General Assembly would request UNCTAD to continue to identify and analyze the implications for development of issues relevant to investment, taking into account the interests of developing countries and bearing in mind the work undertaken by other organizations.
Also by the text, the Assembly would stress the urgent need to facilitate the integration of the African countries into the world economy. It would further stress the need to give special attention to the implementation of the many international development commitments geared to meeting the special development needs and problems of small island developing States and of landlocked developing States.
The Assembly would reiterate the importance of maintaining the momentum towards increased trade liberalization, and invite UNCTAD to provide
Second Committee - 3 - Press Release GA/EF/2847 35th Meeting (AM) 6 November 1998
analytical support and technical assistance to developing countries for their effective participation in multilateral trade negotiations and for formulating a positive agenda for future trade negotiations.
By the text, the Assembly would stress the need for improved and coordinated measures to address the effects of the financial crisis on the international trading system and the development prospects of developing countries, and reject the use of any protectionist measures. The draft states that there is a need for greater coherence between the development objectives agreed to by the international community and the functioning of the international trading and financial system and, in that context, the Assembly would call for close cooperation among the United Nations system, the World Trade Organization and the Bretton Woods Institutions.
The Committee will meet again at 10 a.m. on Tuesday, 10 November to consider the report of the Economic and Social Council.
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