GROUP OF 77
GENEVA

CLOSING STATEMENT G77 AND CHINA
MYEM COMMODITIES AND DEVELOPMENT
(Geneva, 16 October 2024)

Mr. President,

On behalf of the Group of 77 and China, I would like to express our profound gratitude to the Secretariat for organizing this comprehensive session and to all the panelists for their invaluable contributions to our discussions.

As we conclude this meeting, our Group reaffirms the critical importance of UNCTAD's mandate in addressing the multifaceted challenges faced by developing countries in the realm of commodity dependence and sustainable development. We strongly believe that UNCTAD must continue to play a central role in analyzing and proposing solutions to the persistent issues.

The discussions over these days have highlighted several key points that deserve our collective attention:

1. The urgent need for economic diversification and advancement in global value chains to reduce our vulnerability to commodity price volatility. We call on UNCTAD to enhance its technical assistance and capacity-building programs to help developing countries better manage their natural resources.

2. The geopolitical conflicts and climate change continue to have a severe impact on commodity-dependent economies, which account for almost half of UNCTAD's membership. These issues contribute to uncertainty and instability in our economies.

3. The emergence of critical minerals presents new opportunities, though technological advancements raise questions about future demand. We urge UNCTAD to provide continued analysis and guidance in this rapidly evolving sector.

4. The concentration of market power in developed economies perpetuates the commodity trap for developing nations. Also, Tariff peaks and Non Trade Barriers still undermine exports potential from developing countries. Collective action is necessary to shift this paradigm.

5. Access to green technologies is critical for developing countries, and we emphasize the need for technology transfer and capacity-building in this area.

6. The disproportionate burden placed on developing countries in monitoring and reporting carbon frameworks. We call for equitable solutions that do not hinder our development prospects.

7. Regional integration offers potential to lower costs and improve competitiveness. We encourage UNCTAD to further explore and support these initiatives.

8. Investments in the production of energy, including natural gas, hydropower, bioenergy, wind and Solar, are welcomed to raise the standards of live of our people.

9. Key principles such as Common But Differentiated Responsibilities (CBDR), the polluter pays principle, and right to development must remain central to global policy discussions.

In conclusion, we call upon all member states to support UNCTAD's crucial role in assisting member states to break free from commodity-dependence.

Thank you, Mr. President.