The 15th session of the United Nations Conference on Trade and Development (UNCTAD XV) offers opportunities for the 32 landlocked developing countries (LLDCs) and their development and trade partners, as well as other stakeholders to exchange views on the challenges ahead and policies needed to address them.
The COVID-19 pandemic has had a severe, adverse knock-on effect on the global economy, reversing years of hard-won development gains and undermining progress towards achieving the Sustainable Development Goals (SDGs). LLDCs were already among the most disadvantaged countries in the world economy before the crisis, and the pandemic has further exacerbated their vulnerabilities. Border closures and disruptions of trade and transport networks have further isolated the LLDCs, which are dependent on their neighbouring transit countries for access to global markets and essential goods, including many medical supplies. In addition, falling demand for commodities has reduced fiscal revenue in many commodity-dependent LLDCs, further reducing the resources available to fight the pandemic and support the most vulnerable populations. Increased fiscal outlays and reduced fiscal revenues have meant growing debt-burdens for many countries, potentially exacerbating the long-term effects of the crisis on development. In addition, weak productive capacities have rendered LLDCs less able to mitigate the effects of the crisis and reduce their vulnerability to future shocks.
Objective
The objective of the Ministerial Meeting is to take stock of the preparations for UNCTAD XV and to determine how best the LLDCs' respective trade and development interest are addressed in the outcome document of the Conference.
Expected outcome
Ministers will review and adopt a Ministerial Declaration, highlighting specific but complex trade and development challenges facing their countries and calling on development and trade partners to step up their efforts in support of LLDCs. The declaration provides political guidance and direction to advance trade and development interests of LLDCs in the post-Covid19 environment and serves as input to the outcome of UNCTAD XV. The Ministerial Meeting will also provide opportunities to member States to share experiences on addressing the impact of COVID-19 and provide recommendations.
