At the 16th UN Conference on Trade and Development (UNCTAD16) in Geneva, government ministers from the Group of 77 and China (G77) reaffirmed their commitment to collective action in addressing the world’s most pressing economic challenges — including rising debt, weak investment, and digital inequality. The conference, held under the theme “Shaping the Future: Driving Economic Transformation for Equitable, Inclusive and Sustainable Development,” marked a renewed push for multilateral reform and South–South cooperation as developing countries seek a fairer global economic system.
Speakers reflected on the G77’s historical roots, tracing back to UNCTAD’s inaugural conference in 1964, when developing nations first demanded a voice in shaping global economic policy. UNCTAD Secretary-General Rebeca Grynspan commended the G77’s legacy of asserting agency in global trade, emphasizing that development is not something imposed on nations but something they can “demand, shape and achieve together.” However, despite progress in South–South trade — now equalling North–North trade — the ministers noted that developing economies face mounting fiscal pressure, a $4 trillion annual financing gap, and deepening digital divides, especially among least developed countries.
Throughout the conference, speakers including officials from China, Qatar, Egypt, and The Gambia called for a renewal of the multilateral system, including reforms to international financial structures and greater access to technology and climate finance. Grynspan observed that while developing nations now drive three-quarters of global growth, they continue to be constrained by debt, limited fiscal space, and inequitable global policies. The G77’s adopted declaration underscored the need to make the global economy more inclusive, sustainable, and resilient, signaling growing unity and optimism across the Global South despite ongoing challenges.