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Written by Howard Rosen, Article No. 120 [UNCTAD Transport and Trade Facilitation Newsletter N°102 - Second Quarter 2024]

At the pivotal event, the organization will champion strategies to better integrate developing economies into global trade and ensure opportunities reach all parts of societies.

Demand for commodities and critical energy transition minerals accounted for 23% of project values over the past two years, compared to under 10% in other developing regions.

Foreign investment flows to Africa slightly declined in 2023, but significant investments in the clean energy sector offered a positive highlight.

Developing economies of Asia are home to 60% of the world’s megaprojects, the latest World Investment Report shows.

Globally, foreign direct investment flows declined by 2% to $1.3 trillion for the year. In developing countries, they fell by 7% to $867 billion.

The two organizations signed an agreement to bolster joint research related to trade, and better engage with students from the Caribbean region.

With the global economy at a critical juncture, they suggested solutions for complex challenges, including managing debt, promoting trade, diversifying economies and reducing inequalities.

The three-day gathering analyzed challenges in global trade disruptions, soaring public debt, climate change, and international finance and investment.

Trade and foreign affairs ministers and experts tackled emerging challenges in a complex, multipolar global economy, advocating for renewed multilateralism built on solidarity and equality.