UNGAS2M3 §

• Meeting June 28, 2021 9:02 PM

• Increase UN Covid 19 fund for poorer countries

• China 5

  • COVID is a bigger issue than

• 7.a Why US-centric

  • What about BRI?

  • could there be a cooperation between world powers…

  • economic recovery plan with IOs for loans for poor countries

    WTO, World Banks, IMF,

• promote sustainable economic growth:

  • Prevent Economic downfall
  • Open trade (exports)

• promote safe tourism: tourism not at the cost of safety

• don’t have protectionism

Thank you maddam chair, the Republic of Fiji would like to raise an unfriendly amendment on clause 7

The Republic of Fiji would like to append sub-clause C into clause 7 as the following

7. Encourages to join hand together on the global economic recovery,

a. Calls to have the coordinate efforts between the United Nations Member States, and other multilateral frameworks, to ensure transparency and accountability infrastructure development to lower- and middle-income countries, which suffer from the disruption of the pandemic;

b. Upholds the spirit of free trade market and avoid protectionism

c. Call upon members of UN and other International Organization, including the World Bank, the WTO, and the IMF, to provide financial aid packages and less restrictive loans to impacted economies around the world in order to prevent economic collapse especially for the safety of the global commercial supply chain to continue economic prosperity in post-covid period.

The Republic of Fiji would like to raise a motion for a 20 minutes moderated cause with 1.5 minute speaking time to discuss the amendment on clause 7.

How a national debt crisis can hit economies around the world

• how economic debt in one country could impact the world
  • Losses for domestic and international banks
  • Could drag down neighbors
  • Case in point of the 2007-2008 global financial crisis stemmed from the US
  • Case: Asian Financial Crisis stemming from a small country of Thailand. Depreciated currency
  • Economic dips are very slow to heal
• B3W isn’t enough
  • What did B3W promised
    • The G7 and its allies will use the initiative to mobilise private sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality, the White House said.
    • If receiving states use their funding for other purposes such as keeping their economy up it could cause criticism from funders
      • Is the US saying it wants to use the B3W temporarily for economic support
  • Is my proposal just another promise
  • why did i come to my proposal
  • Not enough discussion on no protectionism

We the Republic of Fiji strongly support sub-clause C as raised by China. There might be doubts, as to why should richer countries go out of their way to make sure smaller nations stays afloat. Global economic troubles often stems from the downfall of one economy due to the inter-connectedness of the globalizing world. In the case of the 2007 to 2008 Global Financial Crisis, it started out in the United States but quickly spread to all over the world. Because of the fact that even a small nation going into economic debt could be the catalyst financial crisis for the whole world. Once again, The Asian Financial Crisis stemmed from Thailand, a relatively small nation and not the center of world trade. The collapse of the Baht currency quickly caused troubles for Indonesia and South Korea. Therefore, it is in the interest of every country to provide support to one another to ensure economic stability

The reason why The Republic of Fiji support the proposed clause C is because we do not believe the Build Back Better Initiative sufficiently covers the topic of global economic recovery. The United States white house mentioned quote “The G7 and its allies will use the (B3W) initiative to mobilise private sector capital in areas such as climate, health and health security, digital technology, and gender equity and equality”. Therefore it was not created with the purpose of economic recovery and the misuse of these funding could cause many problems. On top of that, this initiative is spread over the period of 15 years. Therefore we need a more immediate plan to not let economies fall in the first place through less restrictive loans and financial aid packages for the most impacted nations. We, Fiji, also wants to stress that this global economic stability could also be achieved by not closing border or isolate, but rather maintain close and safe conducts of trade and tourism as mentioned in sub-clause b.

we appreciate of climate change right now

We dont mean get rid of B3W, we mean not to limit ourselves to one thing