Calls for Multilateralism and Regional Agreements to Tackle Trade Challenges

The Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Rebeca Grynspan has called for more collective action in fighting the most significant global challenges, Xinhua reported at the weekend.

"My top priority is how to revitalize the consensus-building space within UNCTAD, how UNCTAD can really help in this very polarized world, and build the bridges for a better understanding in the most important development challenges that the developing countries are facing," Grynspan told Xinhua in an exclusive interview via video link.

Regional agreements such as the Regional Comprehensive Economic Partnership (RCEP) could make the developing world more resilient against shocks, she added.

Grynspan, former vice president of Costa Rica and the first woman and Central American to serve as the UNCTAD chief, took up the role in September for a four-year term.

"The developing world is growing at a lesser pace than the advanced economies with the exception probably of China and East Asia, that have shown a very strong recovery from Covid-19," she said.

UNCTAD's Trade and Development Report 2021 released in September projected the global economy to bounce back with a growth of 5.3% in 2021, the fastest in nearly 50 years. However, it also warned of a highly uneven rebound along regional, sectoral and income lines.