The Standing Committee on Sustainable Development, Finance and Trade, discussing the role of fair and free trade. Pic: Salim Matramkot / The Peninsula
The Standing Committee on Sustainable Development, Finance and Trade discussed the role of fair and free trade in achieving economic equality, sustainable infrastructure, industrialisation and innovation.
During a plenary meeting held within the framework of the 140th General Assembly of the Inter-Parliamentary Union (IPU) and associated meetings, parliamentarians stressed on the need to encourage Small and Medium Enterprises (SMEs).
During the meeting new proposals were incorporated and included on some of the draft resolution, as well as the adoption of certain items and the deletion of other items, in order to reach the best formula and guarantee the realization of the principle of equality among all participating countries.
The draft resolution seeks to encourage parliaments to take measures to ensure free and fair trade and investment by reviewing national and global policies to ensure equity, and calls for strong and growing investment in infrastructure to stimulate economic growth to address unemployment, improve social welfare and reduce poverty.
During the session, parliaments were called upon to pay particular attention to the allocation of foreign direct investment in specific sectors to ensure an equitable distribution of resources in all economic fields, and
They were urged parliaments to enact relevant legislation and policy frameworks to enable SMEs to enter the international supply chain by creating an environment supporting SMEs and building their human, technical and financial capabilities so that they can understand policies and processes in global supply chains and respond to these profitable requirements.
During the meeting, parliaments were invited to support the participation of SMEs in international trade through measures aimed at reducing trade barriers across countries, enhancing the role of foreign direct investment as a means for SMEs to access international markets and increasing access of SMEs to market information.
Parliaments were urged to use legislative and political frameworks based on fundamental principles of human rights, decent work, sustainable development and good governance to ensure that the interests of women, youth and vulnerable communities are integrated into the development and implementation of the Government’s trade and industrial policies to achieve equality, fairness and justice.
It was also stressed that parliaments should be actively involved in the process of considering trade arrangements and reconciling these national arrangements and commitments with the objectives of sustainable development.
The session stressed the importance of focusing on the current and future trade and investment system, and taking into consideration principles and mechanisms through which free and fair trade can support the achievement of sustainable development goals, and strengthening public-private partnership.
Parliaments were invited to take action that would contribute to the strengthening of trade facilitation infrastructure, together with the implementation of trade facilitation measures to develop trade-related infrastructure, as well as the strengthening of productive capacities aimed at increasing the competitiveness of products in export markets.
