UNCTAD and the Global Network of Exim Banks and Development Finance Institutions (G-NEXID), meeting in Geneva on 19th May 2015, agreed to work together to promote understanding of south-south cooperation and the role of banks in financing development.
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The G-NEXID, with a membership of 24 institutions, was established in March 2006 at the joint initiative of Exim Bank of India and UNCTAD, as a platform to boost South-South trade and investment relations.
The primary objective of the Network was to bridge the gap between financing of trade and the achievement of the development goals of developing and emerging economies by fostering South-to-South trade flows.
The 10th General Assembly of the G-NEXID network was held at the Palais des Nations as part of that collaborative effort during the morning of 19 May 2015.
The Assembly was opened by the outgoing President of G-NEXID, Rubens Amaral Jr, CEO of Banco Latinoamericano de Comercio Exterior (Bladex). He presented two pillars of the G-NEXID Network during the last two years: (1) the valuable work the coordinator has done particularly in relation to the membership drive and (2) the creation of an active Focal Group that has facilitated renewed re-engagement with the Network members.
He was followed by Mr Guillermo Valles, Director, Division on International Trade in Goods and Services, and Commodities of UNCTAD, who emphasised the commitment of UNCTAD to continue supporting the work of G-NEXID and pointed out the need to engage the two organizations in more substantive ways, in order to promote understanding of south-south cooperation and the role of banks in financing development.
Mr. Valles further said that under the framework of Sustainable Development Goals, trade is considered as an enabler that cuts across other goals.
The event brought together CEOs and other representatives of G-NEXID members from around the globe, including representatives from Afreximbank, BLADEX, Development Bank of Latin America (CAF), Exim Bank of India, Nigerian Export-Import Bank (NEXIM), PTA Bank, Development Bank of Zambia, Brazilian Development Bank (BNDES), the Saudi Fund for Development, Exim Bank of China, International Factors Group and UNCTAD as an Observer.
During the deliberations of the Assembly, a new President was appointed, Mr.Roberts U. Orya, Managing Director/CEO, NEXIM Bank of Nigeria. Mr. Gonzalo de Castro of CAF - Development Bank of Latin America , retained his position as the G-NEXID Treasurer.
The afternoon session was dedicated to a workshop on South-South cooperation and the Post-2015 development agenda and the new initiatives and challenges for trade flows.
UNCTAD made a presentation on trade as a means of implementation of Sustainable Development Goals and financing for development; promotion of south/south development finance, including the China model for financing development, among other examples.
The initiative of Exim bank of India in promoting South/South cooperation was discussed.
The International Trade Centre and UNCTAD presented the current trade flows and discussed existing gaps and possible reasons for these gaps.
The World Trade Organization (WTO) also joined the debate by presenting on the regulatory issues that affect trade finance arising from the WTO (Basel III, KYC), meeting.