Moderator, Ambassador Wilson of Barbados; H.E. Daniel Legarda, Minister of Production, Foreign Trade, Investment and Fisheries of Ecuador; excellencies, ladies and gentlemen, good evening.

I am from a country and a region that is fighting for its very existence in the face of the imminent threat posed by the climate crisis. The irony is that our contribution to the problem is negligible, yet failure to solve the problem will result in our total destruction.

In terms of scale, my country and my region are also very small players in global trade. Therefore, where trade flows contribute to climate change, we are not part of the problem. Yet, we are disproportionately affected by its impacts.

The world stands on the precipice of a global environmental and climate crisis, and it is countries like mine that are in a death or life race against time. This is why we are sparing no effort to take action domestically as best we can; and it is why we are advocating on the international stage, including through fora such as the Coalition of Trade Ministers on Climate.

Global cooperation on trade and climate is not and cannot be an option, but an imperative. Our present is at stake and future generations are also at stake. Without action now, we also cannot take for granted that we will have future generations if the one planet that we call home becomes inhospitable as a result of our recklessness.

For us, sustainability is not just an environmental issue—it is also an economic, social, and moral imperative. Therefore, our collective actions, or lack thereof, will determine the kind of life we enjoy now as well as what future, if any, we leave for our children and grandchildren.

Permit me to briefly outline four key priorities that we can contemplate for international cooperation on the trade and sustainability agenda.

Key priority one: The multilateral trading system must be equipped to respond adequately to issues of trade and sustainability. In this regard, fora such as the World Trade Organization (WTO) must be utilized, consistent with their relevant mandate. For example, WTO members must uphold the principle of transparency which underpins the organization with respect to their measures, policies, and programmes designed to combat climate change and promote sustainability. This includes transparency with respect to carbon taxes, industrial policies, and incentives. Where rule-making is possible and desirable or even mandated, such as with respect to trade in environmental goods and services, then rule-making should be pursued. Where there can be sharing of good and best practices, then this should also be pursued. Where we need to facilitate technology transfer, especially to developing and least developed countries, then we must also ensure that WTO rules can facilitate, rather than hinder, this from taking place. In short, there is a major role for the WTO and it is for the membership to act.

Key priority two: International cooperation can be used to build and promote the circular economy, especially in those spaces, such as among small-island developing states (SIDS), where there is a lack of technical and financial capacity. International cooperation can help establish common standards and practices for sustainable production and consumption, and provide adequate avenues for SIDS to develop the capacity to become major players with respect to the circular economy.

Key priority three: The reform of the global financial architecture and environment to better facilitate climate financing, especially for SIDS, is also an imperative. This is underscored in the Bridgetown Initiative which seeks to set an agenda for reform of the global financial architecture and development finance in the context of the intersecting global crises of debt and climate. Too many SIDS currently do not qualify for concessional financing due to the application of criteria such as gross national income per capita. This has the net effect of undermining the special case of many SIDS for sustainable development. Meanwhile, countries with the financial muscle are rolling out green industrial policies to the tune of billions of dollars which will likely allow them a massive advantage when it comes to global trade in green goods and services. International cooperation must help to level the playing field for all countries.

This then takes me to the fourth key priority which is a call for fairness and justice with respect to global action on trade and climate. In this regard, international cooperation has to enfranchise the disenfranchised. Here, we are talking of coalescing around an agenda for inclusive growth and fair trade. This agenda would demand that no one be left behind—no country and no individual. This would require a shift in thinking and behaviour, away from the classical zero sum model of economic competition to one of economic cooperation with sustainable development for all at the core.

Ladies and gentlemen, thank you.

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Hon. Keisal Peters is Minister of Foreign Affairs and Foreign Trade of St. Vincent and the Grenadines.

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Synergies by TESS is a blog dedicated to promoting inclusive policy dialogue at the intersection of trade, environment, and sustainable development, drawing on perspectives from a range of experts from around the globe. The editor is Fabrice Lehmann.

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