The organization led the preparation of five UN Secretary-General reports and seven draft resolutions adopted during the 78th session of the UN Second Committee.
© Shutterstock/Viktor_IS | The United Nations Headquarters in New York City.
UNCTAD in October played a pivotal role in the 78th session of the Second Committee of the United Nations General Assembly, also known as the Economic and Financial Committee.
The committee serves as a crucial platform for building consensus among UN members on development questions related to macroeconomic policy, international trade, international finance, external debt and commodities.
In an era marked by economic and financial shocks, a worsening climate emergency and soaring debt levels in developing countries, “multilateralism and the work of the Second Committee is as relevant as ever,” said Juan José Martinez Badillo, chief of UNCTAD’s New York office.
He underscored the importance of strengthening the Global South’s voice in the discussions.
UNCTAD took the lead in preparing five UN Secretary-General reports that played a key role in the committee’s deliberations. Additionally, three UNCTAD publications served as background documentation for the committee’s work: the World Investment Report 2023, the SDG Pulse and the Creative Economy Outlook 2022.
Beyond reports
“But UNCTAD’s role in the Second Committee went well beyond the preparation of reports,” Mr. Martinez Badillo said.
UNCTAD co-organized the joint event of the Second Committee and the UN Economic and Social Council (ECOSOC), “Leveraging Commodities for Sustainable Economic Development”.
UNCTAD also coordinated the substantive work for seven of the 41 draft resolutions the committee adopted. This work included a month of intergovernmental consultations. The seven resolutions address crucial macroeconomic policy questions, such as the interconnections between development, international trade and debt sustainability.
Strengthening New York-Geneva ties
By integrating the analytical work done in Geneva into intergovernmental discussions held in New York, UNCTAD bolstered its support to member states. During the committee's session, delegates underscored the crucial role UNCTAD played in the successful outcomes.
“UNCTAD’s role in the committee’s intergovernmental consultations was a perfect example of how our research and analysis and consensus-building pillars complement each other,” Mr. Martinez Badillo said.
He added: “Building on this strengthened Geneva-New York partnership and the lessons learned during this session, UNCTAD will further put its expertise to the service of member states.”
The chief of UNCTAD’s New York office reaffirmed the organization’s commitment to facilitating consensus building “as we advance together towards the major milestones in 2024”. These include the Summit of the Future and UNCTAD’s 60th anniversary.
