Speakers at UN event call for resetting global economy for better future

UNITED NATIONS: High-level participants in a virtual interactive dialogue at the UN said Friday that the coronavirus crisis provided an opportunity to reset the global economy and prioritise sustainable development so as to move towards a resilient future.The dialogue on the future of world economy with Prince Charles, heir to the British throne, and Canadian Prime Minister Justin Trudeau was organised by Canada, Jamaica and the Commonwealth.

It was a follow-up to the recent Sustainable Development Summit, which they hosted on May 28, where Prime Minister Imran Khan was a principal speaker.

During the meeting, there were also calls for partnerships for bridging the divides and reducing the inequalities through resource mobilisation in order to address challenges posed by climate change, according to informed sources.

Also emphasised was the need to work together to build back together while ensuring that no one was left behind.

Prince Charles introduced his recently launched initiative "The Great Reset" -- as a "global call for action to re-imagine, reinvent, redesign, reinvigorate, and re-balance our world".

The initiative envisages re-orienting investment structures, including economic subsidies, financial incentives and regulations that can have a dramatic and transformative effect on market systems.

It also recognises the need to create a level playing field for all actors, and to deploy policies and regulation in a manner to catalyse sustainable markets aimed at maintaining a harmonious balance between the people, the planet and the economy.

Prime Minister Trudeau expressed concern over the current challenges, including COVID-19, sustainable development and climate change.

The crises had impacted countries of the world unequally. None of them would succeed unless all succeed, he said, while emphasising consensus to move forward constructively on issues of critical importance.

Pakistan’s Ambassador to the UN Munir Akram, who also took part in the discussion, projected Islamabad’s response to the present health and economic challenges. He stated that to achieve a sustainable, green global economy required transformations in infrastructure and energy, science and technology and world finance.

Ambassador Munir Akram assured Pakistan’s readiness to play an active role in achieving these objectives.

The UN General Assembly President, Tijjani Muhammad-Bande, said that the COVID-19 pandemic had exposed fault lines in global system.

Even before the pandemic, many countries were not on track to achieve the 2030 Sustainable Development Goals (SDGs) as climate change and financing constraints had restricted their progress.