LDCs need Productive capacity building for sustainable graduation : Ambassador Rabab Fatima
Dhaka October 21 2021 :
Ambassador Rabab Fatima said that productive capacity building and structural transformation in the LDCs can play an instrumental role in ensuring their sustainable graduation. She was addressing at the Joint Meeting of the Second Committee of the General Assembly and the Economic and Social Council of the UN today.
Highlighting the disproportionate impacts of the COVID-19 pandemic on the LDCs, she stressed the importance of multilateral partnership and adequate resourcs to build productive capacities in the LDCs. She said that growing vaccines divide is pushing the LDCs further behind. While the developed countries are nearing full vaccinations, the rate of vaccinations in LDCs is less than 2%. The transfer of vaccine technology to the LDCs is the most effective way to close this gap.
Putting a sharp spotlight on the inter-linkages between productive capacities and trade, she called for full DFQF market access for the LDCs to ensure their fair share of global trade. She added that the special and differentiated trade benefits should be extended to the graduated countries for a period of at least 12 years to prevent any slide black.
To move to the next level of development echelon, she said, “LDCs need an incentives based support structure of policies and strategies to boost an inclusive process of structural transformation. In turn, this will ensure their graduation with momentum. This is the aspiration of all LDCs, and that should also be the goal of international community, and development partners.”
The Joint Meeting this year was held with the theme “Building productive capacities in Least Developed Countries (LDCs), Landlocked Developing Countries (LLDCs), Small Island Developing States (SIDS) as well as Middle-Income countries (MICs) for more resilient recovery and sustainable development in the post-COVID-19 era” to explore the opportunities, challenges, investments and cooperation that are needed to build productive capacities in these countries.
Ambassador Fatima is now the Co-Chair of the LDC5 Preparatory Committee meeting along with Ambassador Robert Rae, Permanent Representative of Canada to the United Nations.