New York: The head of the National Committee for Sustainable Development in the House of Representatives, Rabia Abu Ras, has raised concerns about the structural imbalances in the current international trade system. During her address at the parliamentary hearing session of the Inter-Parliamentary Union at the United Nations headquarters in New York, Abu Ras highlighted that major countries receive unfair privileges, which impede sustainable development in many developing nations. She emphasized the need for trade to foster fair growth rather than exacerbate economic disparities.
According to Libyan News Agency, Abu Ras urged parliamentarians to collaborate for meaningful reforms by advocating for equitable trade terms. This involves the removal of unfair trade restrictions and high customs tariffs on exports from developing countries. She also called for reforms in the World Trade Organization to ensure it serves a broader range of interests beyond those of major economies. Abu Ras stressed that developing
countries should play a more significant role in shaping international trade policies, integrating social justice and environmental sustainability standards into trade agreements, and strengthening regional partnerships to protect local markets from exploitation.
Abu Ras appealed to the Secretary-General of the United Nations to incorporate the role of parliaments in international trade policies, enabling them to become effective partners in ensuring justice and equality. She asserted the importance of aligning national policies of developing countries with sustainable development goals, safeguarding them from adverse external economic pressures.
Furthermore, Abu Ras highlighted the critical role of parliaments in advancing economic diplomacy amid global economic challenges. She advocated for parliaments to extend their influence beyond legislation and oversight to actively participate in shaping international economic policies. Abu Ras noted that economic diplomacy should not be exclusive to governments an
d that parliaments could facilitate sustainable strategic partnerships. This could be achieved by enacting legislation that attracts investment, enhancing relations with sovereign funds, and harmonizing national policies with the international sustainable development agenda.
The call to action includes parliamentary efforts in promoting sustainable financing through green bonds and environmental instruments to ensure investment flows align with the 2030 Agenda for Sustainable Development, not solely focusing on profitability but also considering social and environmental impacts for comprehensive development.