Supplied Content
ESCAP News, Bangkok
Asia-Pacific Trade and Investment Week closed at the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) headquarters in Bangkok on November 3, 2017, with the adoption of a set of concrete policy recommendations aimed at improving regional cooperation, amidst a climate of global economic uncertainties.
Policymakers from over 30 countries and representatives of regional bodies underlined that the Sustainable Development Goals cannot be achieved through protectionist policies. Instead, the region and the global economy need targeted trade and investment liberalisation policies that are more inclusive and mindful of the social and environmental dimensions of sustainable development.
Achieving Sustainable Goals
Speaking at a meeting of ESCAP Trade and Investment Committee, United Nations Under-Secretary General and ESCAP Executive Secretary Dr Shamshad Akhtar said that for trade and investment to be fully used as means of implementation for the Sustainable Development Goals (SDGs) effective national governance is needed to achieve synergies between trade, investment, facilitation and complementary policies, including those affecting social and environmental outcomes.
“Analytical work of ESCAP offers a strong case for expanding multilateral and regional cooperation to promote trade and investment liberalisation, but doing so with due regard to ensuring policies and investments minimise the social and environmental risks,” she said.
In his inaugural address to the Committee, Thailand Vice Minister of Commerce Winichai Chaemchaeng said, “ESCAP could have a vital role to play when it comes to knowledge sharing that would support governments’ initiatives on human resource development and training, as well as policy support.”
Key Recommendations
Key recommendations of the Committee included integrating better social and environmental dimensions of the 2030 Agenda for Sustainable Development in trade and investment agreements, and reducing intra-regional trade costs through implementation of the Framework Agreement on Facilitation of Cross-Border Paperless Trade in Asia and the Pacific.
The Committee also called for increased regional capacity building for evidence-based policymaking through the Asia-Pacific Research and Training Network on Trade.
The Committee acknowledged that the private sector has the potential to enable inclusive growth and called for ESCAP to enhance its engagement with the business community.
Trade & Investment Week
The Committee Meeting was one of the main events held during the Fifth Trade and Investment Week convened by ESCAP and partners from October 30 to November 3, 2017. The Week featured five side-events including a high-level dialogue on safeguarding multilateral trading systems for sustainable development, in preparation for the WTO Ministerial Conference later this year.
Youth and the digital economy will define the future of the trade and investment landscape in the Asia-Pacific, so for the first time, the Week also provided a platform for young entrepreneurs to share their views on trade and investment policies for sustainable development.
Discussions at the Committee were informed by findings in the ESCAP Asia-Pacific Trade and Investment Report 2017 launched on October 30, 2017.
The report sent a strong message that trade and investment are powerful engines for growth and sustainable development but ‘business as usual’ policies are not sufficient to address the three dimensions of sustainable development effectively.
The report also emphasised that cutting trade costs and deepening regional cooperation are key to ensuring the benefits of trade and investment can be shared across the region.
