UNCTAD TAKES ON ADDED RESPONSIBILITIES IN WAKE OF SEOUL G20 SUMMIT
UNCTAD TAKES ON ADDED RESPONSIBILITIES IN WAKE
OF SEOUL G20 SUMMIT
Multi-year Action Plan on Development assigns work related
to job creation, boosting small businesses, stabilizing food prices, increasing investment in agriculture
Geneva, 25 November 2010 -- UNCTAD, working with a variety of other international organizations, has been requested to play an expanded role in the Multi-Year Action Plan on Development agreed to by the G20 nations at their 11-12 November meeting in Seoul (Annex II to the Leaders’ Declaration).
The action plan sets medium-term goals for the Seoul Development Consensus for Shared Growth, which was approved at the summit and sets out the G20's "commitment to work in partnership with other developing countries, and LDCs (least developed countries) in particular, to help them build the capacity to achieve and maximize their growth potential, thereby contributing to global rebalancing."
UNCTAD -- which already has been monitoring global investment trends and watching for potential protectionist measures at the G20's request -- has been invited to team with other agencies in tackling several issues identified in the action plan.
Under the heading of “Private Investment and Job Creation”, the G20 action plan emphasizes that “domestic and foreign private investment are key sources of employment, wealth creation and innovation, which in turn contribute to sustainable development and poverty reduction in developing countries.” Actions requested of UNCTAD – together with other organizations – are to develop quantifiable indicators for economic value-added and job creation arising from private sector investment in value chains; to develop policy recommendations in this regard; and to assist developing countries, in particular low-income countries (LICs), to develop action plans with the view to improving the business investment climate, maximizing the value-added of private investment and supporting the regulatory framework for foreign and domestic investment, as well as strengthening international investment arrangements between G20 countries and LICs.
Under the heading of "Food Security," in which the G20 countries aim to enhance global policy coherence and mitigate risks to sustainable agricultural productivity, UNCTAD, together with other appropriate international organizations, is requested to develop options for promoting responsible investment in agriculture; and to work with key stakeholders to develop options for G20 consideration on how to better mitigate and manage the risks associated with the price volatility of food and other agriculture commodities. G20 countries also encourage all countries and companies to uphold the principles of Responsible Agricultural Investment (which have been formulated by UNCTAD, the World Bank, FAO and IFAD).
UNCTAD and the OECD already have issued four joint reports on investment and investment-related policy measures taken by the governments of G20 countries. The reports were requested by the G20 in the wake of the 2008 financial crisis as a way of monitoring if there were trends towards protectionism in the field of investment.