Press release on Deputy Foreign Minister Alexander Pankin’s participation in 2018 ECOSOC Forum on Financing for Development

Thursday, 26 April 2018 06:50

On April 22-25, Deputy Foreign Minister Alexander Pankin attended the ECOSOC Forum on Financing for Development and a special meeting with senior officials from the Bretton Woods institutions, the World Trade Organisation and UNCTAD.

Over 30 foreign ministers and deputy foreign ministers, ministers of finance and ministers of the economy addressed the participants in the annual ministerial ECOSOC Forum on Financing for Development. The discussion focused on the main challenges and tasks to implement the 2015 Addis Ababa Action Agenda of the Third International Conference on Financing for Development in a professional and political context, including specific mechanisms and tools needed to effectively implement the 2030 Agenda for Sustainable Development.

Forum participants, including experts, highlighted successful efforts to boost international trade, as well as certain risk factors threatening the stability of the global economic system linked with protectionism, high debt levels in numerous countries, problems in channelling long-term large-scale investment into sectors seen as critically important for sustainable development and eliminating inequality. They discussed models for expanding successful public-private partnerships, the role of assistance to international development, the introduction of innovations, technology transfers and approaches towards creating a digital economy.

In his speech, Mr Pankin focused on the Russian Federation’s commitment to fulfilling the Addis Ababa Action Agenda and support of an equitable international trade system. He highlighted Russia’s efforts to mobilise resources for innovative goals, make Russian businesses more competitive and facilitate international development. Mr Pankin stressed that politically motivated trade and economic restrictions and sanctions as an element of undisguised pressure on countries and a tool of unfair competition are absolutely unacceptable. In conditions of globalisation, the impact from such actions is no longer limited and affects the interests of all countries parties to the international economic division of labour.

Mr Pankin met with UN Under-Secretary-General for Economic and Social Affairs Liu Zhenmin and Administrator of the United Nations Development Programme Achim Steiner on the sidelines of the forum. They discussed topical issues of reforming the UN development system, including ways of boosting its efficiency, and efforts to strengthen the role of the UN Department of Economic and Social Affairs as the main UN agency coordinating the implementation of decisions adopted at highly important international conferences and forums on the economy, social sphere and nature conservation.

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