GENEVA, Oct. 25 – The UN Trade and Development (UNCTAD) 16th Quadrennial Conference (UNCTAD16) concluded on Thursday with the unanimous adoption of The Geneva Consensus, a declaration marking a concrete renewal of the organization’s mandate to address global trade, investment, and development challenges.
In her closing remarks, UNCTAD Secretary-General Rebeca Grynspan emphasized that the consensus is a powerful reaffirmation that “UNCTAD matters. UNCTAD delivers. UNCTAD must continue.”
The outcome document, agreed upon by all member states, lays out a robust agenda focused on practical steps to foster structural economic transformation and strengthen multilateral cooperation in an era of global volatility.
Key Commitments Under The Geneva Consensus:
Rules-Based Trade and Structural Transformation:
Member states reaffirmed the centrality of a rules-based, open, transparent, and equitable multilateral trading system. Delegates also looked ahead, committing to policies that help developing countries move away from excessive commodity dependence by recognizing quality services trade as a new frontier for structural transformation and value addition.
Attracting Investment and Bridging the Digital Divide:
To combat declining investment flows and uneven distribution, UNCTAD was instructed to scale up efforts in investment facilitation and develop policy frameworks that attract productive domestic and international capital. Furthermore, recognizing that technological advances create both opportunities and new divides, the conference called for UNCTAD to intensify support for building digital infrastructure, skills development, and legal frameworks necessary to harness the digital economy.
Financing for Development and Climate Action:
A significant outcome in financing for development was the support for establishing a borrowers’ forum. This new platform will create a dedicated space for developing countries to build collective capacity, share knowledge, and strengthen their voice on issues of sovereign debt. On climate and environment, delegates stressed the importance of climate finance and affirmed that developing countries should not be forced to choose between economic growth and environmental sustainability.
Tailored Support for Vulnerable Nations:
The consensus includes specific, customized support for the world’s most vulnerable economies:
A commitment to strengthening support for Least Developed Countries (LDCs), including a dedicated graduation support programme.
A call for tailored assistance for Small Island Developing States (SIDS) facing climate disasters and high transport costs.
A renewed commitment to work on trade facilitation and transit corridors for Landlocked Developing Countries (LLDCs).
Secretary-General Grynspan acknowledged the challenging backdrop of global reforms and resource constraints, but concluded on a note of powerful optimism, framing the Consensus as a deliberate act of hope.
“Today, multilateralism faces the test of trust and the test of hope,” Grynspan stated. “You chose hope—to shape the future rather than surrender to it. That choice is what made this week extraordinary. This is what multilateralism looks like—not perfect, not easy, but possible. Always possible.”
