GROUP OF 77
GENEVA

STATEMENT BY THE GROUP OF 77 AND CHINA AT THE 34TH SPECIAL SESSION OF THE TRADE AND DEVELOPMENT BOARD OF UNCTAD ON THE ECONOMIC DEVELOPMENT IN AFRICA REPORT 2024
(Geneva, 15 April 2025)

Minister Counsellor Karin Gobles, Chair of the 34th Special Session of the TDB,
Madam Secretary-General,
Excellencies,
Distinguished Delegates,

1. I have the honour to deliver this statement on behalf of the Group of 77 and China
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2. At the outset, the Group wishes to express its sincere appreciation to the UNCTAD Secretariat for the preparation of the Economic Development in Africa Report 2024: Unlocking Africa's Trade Potential - Boosting Regional Markets and Reducing Risks. We commend both the depth of the analysis and the policy recommendations, which address the urgent need to strengthen Africa's resilience in the face of increasingly complex and interconnected global shocks.

3. We also take this opportunity to thank the Secretariat for convening this meeting, which was held at the request of our Group, in recognition of the strategic importance of this flagship report-not only for the African continent, but for all members.

4. Despite the significant size and vast potential of the African region, its participation in global trade remains limited, accounting for less than 3% of total world trade. The region's vulnerability has been exacerbated by successive global crises and persistent structural challenges, which risk entrenching African economies in a cycle of underdevelopment. Among the most pressing vulnerabilities identified in the report are commodity dependence, elevated debt levels, and critical gaps in technology and connectivity infrastructure.

5. We particularly welcome the report's emphasis on the African Continental Free Trade Area (AfCFTA), which represents a key lever to boost intra-African trade, reduce external dependencies, and foster value addition across the continent. If fully implemented, the AfCFTA holds the potential to be transformative-not only economically, but also socially and institutionally.

6. We call on UNCTAD to continue supporting African countries in their efforts to build resilience to crises, with a particular focus on reinforcing regional supply chains. Such efforts are crucial to reducing structural vulnerabilities and generating inclusive and sustainable growth. The report reaffirms a long-standing position of the Group: that resilience can only be achieved through sustained support for structural transformation, including economic diversification, industrialization, and deeper regional integration.

7. The Group also expresses concern over the widening financing gap in infrastructure and energy development in Africa. We echo the report's call for enhanced investment in renewable energy, expanded access to affordable finance for micro, small and medium-sized enterprises, and broader use of financial risk-mitigation instruments. These are essential steps toward unlocking Africa's trade potential and achieving inclusive development.

8. We reaffirm our unwavering commitment to supporting Africa's development priorities and urge the international community to do the same, in a spirit of solidarity and shared responsibility. This solidarity is much more needed in the current geopolitical context. The rise of protectionism and unilateralism, in particular through long-arm jurisdiction, tariff and non-tariff measures, amongst others, are major threats to multilateralism. UNCTAD should continue to assist its members in supporting and strengthening the promotion of a rules-based, predictable, non-discriminatory, open, fair, inclusive, equitable, and transparent multilateral trading system, with the World Trade Organization at its core. This is fundamental to fostering an international economic environment conducive to sustainable development and shared prosperity. In that sense, it is of urgency and importance to uphold and support a multilateralism that leaves no one behind, and prioritizes people-centred development.

9. Finally, it is important to underline that the vulnerabilities identified in the report directly correspond to the priority issues that the Group of 77 and China has consistently emphasized. In particular, we have called for these themes to receive special attention at the upcoming UNCTAD XVI. In that regard, we reiterate our proposal for more action-oriented dialogue spaces, including the establishment of an Intergovernmental Group of Experts (IGE) on commodities and the holding of two sessions of the IGE on Financing for Development.

Thank you.