Multilateralism is a very important tool to solve challenges being faced by the world, mainly the least developed countries (LDCs).

The remark was made by H.E. Pan Sorasak, Minister of Commerce, while virtually attending the 15th Session of United Nations Conference on Trade and Development (UNCTAD 15) in Geneva, Switzerland early this week.

In this regard, the role of UNCTAD, a UN core institution for trade and development, is significant as a forum for member countries to discuss and find consensus for all challenges, he said, adding that multilateralism system for trade and development though UNCTAD and WTO thus need to be strengthened for common interest.

H.E. Minister also revealed some major challenges for LDCs, including equitable access to vaccines, limited export market, and digital gap.

The Cambodian commerce minister thus asked UNCTAD to further support the LDCs in strengthening production capacity and human and institutional capacity development, and in gaining benefit from digital trade through infrastructure construction, technology transfer, legal system strengthening, and capacity development to enhance creativity and innovation.

UNCTAD15, the quadrennial conference, was hosted by Barbados from Oct. 3 to 7, 2021 under the theme “From inequality and vulnerability to prosperity for all.”

Source: Agency Kampuchea Press

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