Mr. Chairman,

1. I have the honour to deliver this statement on behalf of the Group of 77 and China.

2. At the outset, the Group would like to thank the Secretary-General for the two reports submitted under this important agenda item, which will greatly galvanise our deliberations today.

3. It is undeniable that globalisation creates a promising path towards development, but it brings with it great risks and challenges, all of which can be addressed with coordinated and coherent action at the global level. In this respect, the New International Economic Order, which seeks to achieve sustained, inclusive and equitable economic growth and sustainable development, greatly reinforces the 2030 Agenda for Sustainable Development, which places eradication of poverty in all its forms and dimensions at its core while affirming the commitment to achieve sustainable development in economic, social, and environmental dimensions in a balanced and integrated manner. Needless to say, the New International Economic Order is relevant to today's rapidly evolving context more than ever.

4. From 1974 until today, much has been achieved, yet much more remains to be done as long as inequality and uneven gains are still evident in many places around the world. The international community cannot rest until it is made certain that these hard-earned gains are irreversible and that no one is left behind.

Mr. Chairman,

5. Against this backdrop and in light of the New International Economic Order, which seeks to create a stable international monetary system, and in the context of the recently adopted 2030 Agenda for Sustainable Development, the United Nations is best positioned to strengthen and invigorate the international cooperation in this regard, and therefore the Group of 77 and China wish to highlight the vital importance of the transfer of science and technologies on favourable terms, including on concessional and preferential terms through international cooperation, including by furthering North-South, South-South and triangular regional and international cooperation to jointly address these global challenges.

6. In addition to the ascending impact of climate change, today every nation large and small has still not fully recovered from economic downturns and exchange rates volatility, commodity price fluctuations, high unemployment rate, and feeble global investment, notwithstanding significant efforts to contain tail risks and spillovers. All of these are particularly felt in developing countries and transitioning economies, threatening to widen the gap between developed and developing countries. If no bold and concrete action is taken now, the achievement of sustainable development will be severely impeded, as trade and investment is an indispensable and powerful engine for development and sustained economic growth.

Mr. Chairman,

7. The Group of 77 and China believe it is high time that the New International Economic Order were realised, with a view to broadening and strengthening the voice and participation of developing countries in international economic decision-making and norm-setting and global economic governance, and undertaking the necessary reforms toward a coherent and mutually supporting world trade, monetary and financial systems, while respecting each country's policy space.

8. In this respect, as we reach the highest point of interdependence, the Group of 77 and China also call for developed countries to fulfill their ODA commitments, with a view to creating an enabling environment for developing countries in order to sustain their economic growth in the long term and to allow them to unlock their full potential.

Mr. Chairman,

9. Looking at globalisation from another angle, the multidimensional and complex nexus between migration and development cannot be overemphasised. Today there are 244 million international migrants worldwide, and as we speak more are moving across borders daily.

10. The Group of 77 and China fully recognise the positive contributions of migration, migrants and human mobility to inclusive growth and sustainable development. We also recommit to strengthening international cooperation to facilitate safe, orderly and regular migration, while ensuring full respect for human rights and fundamental freedoms, and the humane treatment of all migrants and their families, regardless of their migration status, in particular those in vulnerable situations such as women, children, older persons, and persons with disabilities. And we look forward to the timely achievement of the global compact for safe, orderly and regular migration, a framework for comprehensive international cooperation on migrants and human mobility, which will deal with all aspects of international migration, including the humanitarian, developmental, human rights-related and other aspects of migration.

11. The Group of 77 and China further recognise the need to develop well-managed migration policies in order to manage mixed and irregular flows of migrants effectively as well as to minimise its negative impacts by countering racism, racial discrimination, xenophobia and related intolerance against migrants and the stereotypes often applied to them, including on the basis of nationality, religion or belief, and by correcting the public perception towards migrants in this regard.

Mr. Chairman,

12. The Group of 77 and China stand firm that remittances cannot be counted as foreign direct investment, ODA or other public sources of financing for development. Rather, they constitute an important source of private capital, for which we should aim to promote faster and safer transfers as well as cheaper transaction costs.
 
13. In closing, the Group of 77 and China urge the international community to collectively address these challenges through continued and constructive dialogue. In this regard, we welcome the Third High-level Dialogue on International Migration and Development, to be convened no later than 2019, which will reignite the political momentum on this issue and elevate international efforts to a whole new level.

I thank you.