Museveni calls for enhanced trade among G77+China countries as summit opens in Uganda

President Yoweri Museveni has called for enhanced trade and investment among the countries under the G77+China if they are to achieve better standards of living for their peoples.

Museveni said this on Sunday during the opening of the Third South South Summit (G77+China) in Kampala.

The Group 77 developing countries was founded in 1964 at the first session of the United Nations Conference on Trade and Development (UNCTAD), at the time many countries were faced with challenges of basic development.

Currently it is made up of at least 134 member states.

According to Museveni, the population of the G77 and China represent 80% of the global population.

“In addition, its GDP accounts for more than 40% of the global GDP. This shows that in spite of the challenges, the group has registered progress in defending and promoting the interests of developing countries,” Museveni told the delegates.

“We need to strengthen trade and investment among our Countries. Therefore, the African Continental Free Trade Area (AfCFTA) leads the way to strengthen intra-trade among African countries to ensure prosperity for the African people,” he added.

The summit is being held under the theme, Leaving no one behind and Museveni said this can only be achieved through “adequately addressing the challenges and needs faced by Countries in special situations, in particular, African Countries, Least Developed Countries, Landlocked Developing Countries and Small Island Developing States.”

“We also support the urgent reform of the international financial architecture to ensure that it is fit for purpose to respond to the financing needs of developing Countries. In our view, the International financial institutions and multilateral development banks must support the national priorities of developing countries without any conditionalities that infringe on these countries’ sovereignty,” the President said.

The G77 comes a day after the 19th Summit of the Non-Aligned Movement, which also took place in Kampala, attracting delegates from more than 120 countries.

The two international groups are the second largest, coming after the United Nations General Assembly.

Uganda took over the chair of both groups and will be in charge of NAM for the next three years and G77 during the coming year.

Salvador Valdes Mesa, the Vice President of Cuba, the outgoing chair of the G77+China, said unity should be the order of the day if the south to south countries are to free themselves from the unfair treatment by developed countries.

He said unity would help the group defend “our legitimate interests and aspirations.”

Mesa also called for practical steps in science and technology as well as fair climate negotiations with developed countries.

Related Posts