STATEMENT BY MS LUM HUI ZHEN, DELEGATE TO THE 72ND SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY, ON AGENDA ITEM 17: MACROECONOMIC POLICY QUESTIONS AND AGENDA ITEM 18: FINANCING FOR DEVELOPMENT, SECOND COMMITTEE, 5 OCTOBER 2017

Thank you, Mr Chairman.

1                 Singapore aligns itself with the statements made by Ecuador on behalf of the Group of 77 and China; the Maldives on behalf of the Alliance of Small Island States (AOSIS); and Indonesia on behalf of the Association of Southeast Asian Nations (ASEAN).  I would also like to thank the Secretary-General for the various reports on these agenda items.

Mr Chairman,

2                 Two years on from the Addis Ababa Action Agenda, the relevance and importance of financing for development are clearer and more urgent than ever.  I am not the first, and nor will I be the last, to observe that business as usual will not allow us to achieve the 2030 Agenda for Sustainable Development (2030 Agenda).  Much of the responsibility for change lies at the national level.  However, national development efforts can only be successful if they are supported by a conducive global economic system.

Mr Chairman,

3                 A global economic system that is open, inclusive, transparent and based on the rule of law is of fundamental importance to many countries, including Singapore.  Singapore firmly believes that fostering a conducive global economic framework is our collective responsibility.  In this regard, allow me to offer three guiding principles to strengthen the global economic system.

Mr Chairman,

4                 First, we must reinforce the role of the United Nations (UN) in global economic governance.  Global problems require global solutions.  No one country or select group of countries has all the answers in today’s interconnected world. 

5                 The UN is the only global body with universal participation and unquestioned legitimacy.  It is therefore uniquely placed to coordinate efforts to address evolving global economic challenges.  It should play, in particular, a key role in ensuring that multilateral institutions work together in a complementary manner to support the implementation of the 2030 Agenda.  If we are to achieve its Goals, we need all relevant actors, including the international financial institutions, the regional commissions, the Group of Twenty (G20) and other informal groupings, to work together in a coherent way with the UN to address the needs of all countries, in particular developing countries. 

6                 Strengthening the relationship between the UN and the G20 should be part of our efforts to enhance global economic governance.  Although the G20 comprises the largest developed and emerging economies in the world, G20 outcomes must have the support of non-G20 members for them to be implemented globally and effectively. It is therefore important that the G20 engages the UN through more institutionalised, predictable and regular channels.  In this regard, Singapore welcomes the steps taken by the G20 towards greater inclusiveness and transparency; and to align its work with the 2030 Agenda.  As part of the Global Governance Group (3G), Singapore will continue to work towards this end.

Mr Chairman,

7                 Second, we must respect the mandates of the relevant multilateral technical fora and instruments, such as the Bretton Woods Institutions, the World Trade Organisation (WTO) and the UN Convention Against Corruption.  Economic and financial issues are inherently complex.  Addressing them effectively requires deep technical knowledge, skills and experience.  We therefore need to be clear-eyed about what the UN’s strengths are.  The UN may not have the domain expertise of a technical forum but it can provide the political impetus to efforts to address global economic challenges, rather than get entangled in specific technical issues.

8                 Of course, the current global financial architecture, established over several decades, has to evolve to meet new realities and future challenges.  Globalisation and economic integration have brought into focus the urgent need to redefine global economic governance and decision-making.  In this regard, the Bretton Woods Institutions and other international organisations need to renew themselves so as to adapt and better respond to the new environment and future challenges; and be more inclusive to give developing countries a greater say.

Mr Chairman,

9                 Third, we must recommit to an open, rules-based, multilateral trading system.  International trade has been an engine of prosperity and growth for all countries, both developed and developing, and has contributed to lifting millions out of poverty.  Now, more than ever, we need to make the case against protectionism and strengthen the open, rules-based multilateral trading system. 

10            The WTO, for all its limitations, is the ultimate forum for all trading nations to work together and build a global framework for trade.  In this regard, Singapore hopes that the upcoming 11^th WTO Ministerial Conference in Buenos Aires, Argentina, in December this year will focus on those issues where convergence is likely; and take meaningful steps  toward supporting the multilateral trading system and the WTO.

Mr Chairman,

11            Singapore firmly believes that these 3 “R”s – reinforcing the role of the UN in global economic governance; respecting the mandates of the relevant multilateral technical fora; and recommitting to an open, rules-based, multilateral trading system – will help us to build a global economic system that allows us to achieve the 2030 Agenda together.  We hope that these three principles will guide our work in the Second Committee and beyond.

12                            I thank you.

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