The COVID-19 crisis has revealed the vulnerability of countries, especially developing countries. Against this backdrop, building back better cannot simply be about doubling down on pre-pandemic policies or “back to business as usual”. The current health and economic crises which have disproportionately affected the developing world should instead spark a fundamental rethink of global productive structures and the architecture of international trade, including international trade rules.
Building back better post Covid-19 must speak to a recovery strategy that is undergirded by a new paradigm and reform agenda that places inclusivity at the centre and moves towards a future of equitable, and shared growth and development consistent with the overdue sustainable development goals (SDGs). More importantly, such a recovery strategy should promote diversification of productive capacities of developing countries, propel transformation into higher productivity sectors, and foster resilience to future shocks.
The confluence of an economic, health and climate crisis offers a unique opportunity to revive multilateralism and mutually resolve the antagonisms that have increasingly afflicted the international trading system over the last decades.
This webinar will draw on the lessons from UNCTAD Research Paper No. 65 on Reforming the International Trading System for Recovery, Resilience and Inclusive Development. This paper argues that a different reform agenda is urgently needed if developing countries (but also many developed countries) are to recover better from the Covid-19 crisis, build resilience to future shocks and achieve transformative development that can deliver the SDGs. This agenda should be centred on a rebalancing of trade policy to boost domestic demand, jobs and household incomes and a diversification strategy into higher productivity sectors.
PROGRAMME
Moderator:
Ambassador Xolelwa Mlumbi-Peter, South African Permanent Representative to the World Trade Organisation
Presentation: UNCTAD Research Paper No. 65 on Reforming the International Trading System for Recovery, Resilience and Inclusive Development.
Richard Kozul-Wright, Director in the Division of Globalization and Development Strategies, UNCTAD
Panelists:
- Anna Cavazzini, Member, European Parliament
- Rashmi Banga, Senior Economist in the Division of Globalization and Development Strategies, UNCTAD
- Rob Davies, former Minister of Trade and industry of South Africa (2009-2019)
- Yang Yao, Director of China Center for Economic Research and Dean of National School of Development, Beijing University.
Question & Answer Session
Closing remarks
Ambassador Xolelwa Mlumbi-Peter
