UNCTAD16 parallel event: Inclusive trade and the creative economy

Your Excellency, Augusto Jorge de Albuquerque Veiga, Minister of Culture and Creative Industry of Cabo Verde;

Your Excellency, Lyonpo Namgyal Dorji, Minister for Industry, Commerce and Employment of Bhutan;

Dear Ditya Agung Nurdianto, Director of International Trade, Ministry of Foreign Affairs of Indonesia;

Dear Lodovico Benvenuti, Director of Multilateral Relations and Regional Director for Europe of the International Federation of the Phonographic Industry;

Distinguished guests,

It is my great pleasure to welcome you to this important event on “Inclusive Trade through the Creative Economy.”

As our Secretary-General, Rebeca Grynspan, said at the fourth World Conference on Creative Economy in Uzbekistan last year, “Creativity is the best distributed asset in the world; what is not well distributed are the opportunities.”

And that, indeed, is our challenge—and our mission.

The creative economy is one of the fastest growing and most dynamic sectors in the global economy. It encompasses a wide spectrum of industries—from music, design, and audiovisual production to media, performing arts, publishing, crafts, and more.

Amid low growth, high debt, and weakening trade and investment, the creative sector stands out as a vital engine of innovation and economic diversification.

Over the past decade, creative exports have tripled, now making up one-fifth of global services trade according to UNCATD estimates. In fact, in many developing countries, creative industries contribute up to 7.3 per cent of GDP and 12.5 per cent of employment. This underscores why they are regarded as engines of inclusive growth and social transformation.

But beyond the numbers, the creative economy matters because it humanizes globalization. Because creative economy is about ideas, identity, and self-expression—about people transforming creativity into livelihoods. It allows small enterprises to trade not in commodities, but in talent. And often it has lower entry barriers, such as capital requirements, which for many women and youth is critical.

The music industry is a great example. Globally valued at 28 billion US dollars in 2023, the industry has been revolutionized by digital platforms and streaming services. These now account for two-thirds of its revenues.

For artists in developing countries, this opens new doors to global audiences. Music industry revenues grew by 19.4 per cent in Latin America and 14.9 per cent in Asia in 2023, reaching fans in every corner of the world.

This example demonstrates how the digital revolution has broadened market opportunities by fundamentally changing the way creative goods and services are produced and consumed.

But despite the opportunities that the creative economy offers to societies in developing countries, access to these opportunities remains uneven, and existing frameworks often fall short in protecting artists—particularly those working in informal and precarious conditions.

Too often, the value created by local musicians, composers, and producers does not return to them. Weak copyright frameworks, opaque streaming algorithms, and limited bargaining power prevent creators from capturing their fair share of the income generated by their work.

That is why we need stronger institutional and regulatory frameworks—both nationally and internationally—to protect intellectual property, ensure fair competition, and guarantee equitable compensation for creators.

This is precisely what UNCTAD is working towards. Our revised statistical framework for measuring the creative economy enables countries to capture its economic value more accurately, providing a stronger basis for effective policymaking.

Through partnerships with WIPO, IFPI, ITC and Center with Music Ecosystems, among others, we continue to support developing countries in designing strategies that unlock the full potential of their creative capital.

The creative economy can be a viable force that can push us forward. It is pushing us toward a world, where every person, particularly in developing countries, can earn a decent living from their ideas, where cultural diversity drives innovation, and where trade truly works for people.

Let us harness this power—to build societies that are inclusively creative and sustainably prosperous, where creators receive the fair value they deserve, and where creativity itself becomes a cornerstone of global development for all countries.

I look forward to the discussions ahead. By sharing national experiences and best practices, we can strengthen international cooperation and ensure that the creative economy becomes a lasting engine of sustainable and inclusive growth.

Thank you.