Luanda — Angola advocated on Tuesday (21) in Geneva, Switzerland, for a greater leadership role for the United Nations Conference on Trade and Development (UNCTAD) in Africa.
According to a note that ANGOP had access to, this position was expressed by the minister of Industry and Commerce, Rui Miguêns de Oliveira, during the session dedicated to African countries within the framework of the 16th UNCTAD Ministerial Conference.
On that occasion, the Angolan official said that UNCTAD should help, through its three pillars, find a comprehensive and lasting solution to the external debt challenges faced by Global South countries, particularly those in Africa.
The head of the Angolan delegation also said that UNCTAD should strengthen intra-African trade and seize the opportunities presented by the African Continental Free Trade Area, which has the potential to significantly increase Africa’s participation in global trade.
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He added that UNCTAD, as the main body of the United Nations system governing trade and development, must cooperate with global partners to promote the implementation of the 2030 Agenda for Sustainable Development, the Compact for the Future, and the Seville Commitment.
Based on UNCTAD’s goals, minister Rui Miguêns de Oliveira said that the UN agency must contribute to international efforts to reform the global financial architecture, ensuring that it becomes more equitable, representative, and responsive to contemporary global realities.
For the head of the Angolan delegation to the event, UNCTAD is called also to promote economic diversification and support countries in strengthening productive capacities and building resilient economies capable of withstanding external shocks.
“From a continent of diversity, youth, and hope, blessed with abundant resources and solid resilience, we reaffirm our commitment to multilateralism and collective action,” he declared.
The minister stressed that Africans, together with UNCTAD, can create an international environment that allows the Global South, and in particular the African continent, to unleash its large potential and chart a path towards a fairer, inclusive and sustainable global economy.
Challenges
During his speech, Minister Rui Miguêns also highlighted the challenges faced by the African continent, which, “despite being among the fastest-growing regions, continues to face several challenges and remains highly vulnerable to external shocks due to high poverty rates, investment shortfalls related to the Sustainable Development Goals (SDGs), dependence on raw materials, limited economic diversification, and insufficient participation in global value chains.”
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“These challenges are exacerbated by demographic pressures, frequent climate events, and a significant digital divide. Following recurring external shocks, Africa is witnessing a rapid increase in debt levels, reaching approximately US$1.8 trillion, while the cost of borrowing on the continent remains one of the highest in the world,” he noted.
Furthermore, he noted that as the burden of debt service increases, the ability of many countries to invest in human capital, infrastructure, and sustainable development is compromised.
In this regard, he praised UNCTAD’s ongoing support to African countries in addressing their trade and development challenges and called for the continuation and strengthening of this support to help the continent fully integrate into the global economy and international trade.
