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By Rebeca Grynspan, Secretary-General of UNCTAD

But the world’s largest free trade area needs measures to boost productivity and expand opportunities.

The Global Commodities Forum 2021 tackles the many facets of commodity dependence and the vulnerabilities of countries whose economies rely on primary goods exports.

Heavy dependence on commodities has increased globally, leaving about two-thirds of developing countries vulnerable to economic shocks such as sharp commodity price fluctuations.

Between the start of the COVID-19 pandemic and mid-2021, commodity prices increased across the region, with varied impacts on countries.

About 64% of developing economies rely on exporting primary goods, and most risk continuing down a path of commodity dependence unless they embrace technology-enabled structural transformation.

The continent's commodity-dependent countries have been affected more severely than non-resource-based economies.

COVID-19 has heightened the need to boost productive capacities for socioeconomic recovery in the world’s poorest nations.

UNCTAD supports efforts to add value to cotton by-products in eastern and southern Africa to make the crop more profitable for farmers.

Unsustainable trade is behind the biodiversity crisis threatening our existence. But done sustainably, international commerce can help protect our planet’s precious resources.