New Delhi, Jun 14 (UNI) Trade is a source of income, jobs, and opportunities, but it generates 8 billion tonnes of climate-heating carbon emissions every year.
An expected uptick in global trade post-pandemic is likely to exacerbate the crisis.
Ministers, trade experts, thought leaders and international organisations explore the role of trade policy in forging sustainable solutions that benefit people more equally at the second edition of the UN Trade Forum on Monday and Tuesday.
Commerce and Industry Minister Piyush Goyal will participate virtually in the session this afternoon.
The pandemic has highlighted trade’s pivotal role in the global provision of goods and services. Governments have used trade policy to positively respond to the coronavirus crisis, which also exposed many fault lines and exacerbated pre-existing vulnerability and inequality.
"Carbon emissions are rapidly rising again as economies recover. We must redouble our efforts to limit the emissions. Trade policy is one of the tools we have to avoid a spiral that threatens the environment and our existence," says UNCTAD Acting Secretary-General Isabelle Durant.
While trade is a source of economic development, it generates a quarter of global CO2 emissions. Innovative measures are needed to increase synergies between trade policy and climate action.
But today’s trading system may not provide a framework for effective implementation of such measures for the benefit of the world in general and of developing countries in particular, Durant said.
The UN Trade Forum will feature top-level speakers from around the world who will explore how the multilateral trading system can work for a lasting green and inclusive recovery.
The high-level panel will address how to reduce trade tensions and strengthen multilateralism to avoid reverting to the pre-crisis status quo.
UNI SRJ SB 1313