STATEMENT BY AMBASSADOR VANU GOPALA MENON, PERMANENT REPRESENTATIVE OF SINGAPORE TO THE UNITED NATIONS, AT THE HIGH-LEVEL DIALOGUE ON FINANCING FOR DEVELOPMENT, 23-24 MARCH 2010

STATEMENT BY AMBASSADOR VANU GOPALA MENON, PERMANENT REPRESENTATIVE OF SINGAPORE TO THE UNITED NATIONS, AT THE HIGH-LEVEL DIALOGUE ON FINANCING FOR DEVELOPMENT, 23-24 MARCH 2010

Mr President,

While the global economic crisis has been, and still remains, a major challenge for all of us, it would appear that the eye of the storm has passed. The global economy is expanding again and financial conditions have improved markedly. Major economies are also beginning to study how and when to wind down their emergency stimulus measures. The challenge now is to ensure that this recovery can be sustained and that developing countries are equipped with the necessary tools, funds and resources to promote development.

Trade

2 As one of the key elements of financing for development is international trade, it is vital that we take concrete steps towards concluding the Doha Round. Numerous studies have shown that the Round would bring income benefits and enhance the development prospects of both developing and developed countries. It is therefore in our collective interest to exercise pragmatism, flexibility and creativity for the sake of a stronger multilateral trading system that will benefit us all.

3 We also need to continue to guard against protectionist sentiments and measures which will ultimately slow down the pace of economic recovery. In this regard, we welcome the Declaration by the leaders of the G-20 in London on 2 April 2009 not to raise new trade barriers and to extend this commitment to 2010. This was reiterated by the APEC Ministers Responsible for Trade at their meeting in Singapore from 21-22 July 2009. The rhetoric has to be matched with action; action to make sure that none of us erect new protectionist barriers.

Reform

4 The global financial crisis has also underscored the need for more effective global governance mechanisms for economic policy coordination. The G-20 leaders' designation of the G-20 as the "premier forum for international economic cooperation" represents a significant step in this regard. On one hand, the formation of the G-20 recognises the reality that key decisions concerning the global economic order can no longer be the preserve of a small elite group of developed economies. The views of many others, including key emerging economies, such as China, India and Brazil, must also be taken into account. At the same time, for the G-20's deliberations to be translated into effective actions on a global scale, they will need to be more consultative, inclusive and transparent. That requires the G-20 to reach out to and engage the rest of the UN membership.

5 It is in this spirit that the informal Global Governance Group (otherwise known as the 3G) has prepared a paper entitled "Strengthening the Framework for G-20 Engagement of Non-Members". The paper was circulated as a document of the General Assembly last week (A/64/706 dated 11 March 10). We believe that this framework would assist in the efforts to bring greater transparency and inclusiveness to the G-20 process and to build a bridge between the G-20 and the wider UN membership.

Mr President,

6 In closing, my delegation would like to take this opportunity to reiterate the need for countries to work together to promote open trade and investment regimes, which is a vital component of financing for development. It is also essential that actions taken to reform the international monetary and financial system take into account the need for transparency, inclusiveness and effectiveness. Thank you.

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