Bangladesh has urged its trading partners to practice responsible business conduct during the coronavirus pandemic that is rattling the global economy, mostly the developing countries.
“We urge our trading partners to practice responsible business conduct during this crisis. It is no time for economic or trade protectionism. LDCs should be given their previously committed market access,” said the Permanent Representative of Bangladesh to the UN Ambassador Rabab Fatima.She highlighted the challenges of the disrupted global supply chain and its devastating impacts on export in countries like Bangladesh where factory workers are losing jobs in large scale.
She was addressing a virtual meeting on “SDG Financing in the era of COVID 19 and beyond” in New York on Wednesday, according to a message received here from Bangladesh PR in New York today.
Mentioning the pandemic as a global health as well as an economic and social crisis, the PR told participants that the consequences would be borne by the peoples and economies of the vulnerable countries for years to come and the SDG implementation plans in many of countries are on hold as they are diverting their limited resources to meet emergency health needs as well as to expand social protection system.
Referring to the fall in remittances and the challenge of managing the return of migrant workers for countries like Bangladesh, the PR stated that migrants face health, socio-economic and protection crisis.
She called upon the migrant destination countries to ensure the rights of migrants and to keep them in their respective response and recovery plans.
The PR informed the meeting that the Bangladesh Government has announced a 12.1 billion dollar stimulus package, which is 3.7% of its GDP, for various sectors of its economy as well as support measures for different groups.She underscored the need for a stronger global solidarity and cooperation to overcome this unprecedented crisis and said that “equitable access to finance will also be a vital step to ensure resilient and sustainable recovery from COVID 19. Private creditors as well as the idle private capital should be incentivized for investment in the vulnerable developing countries.”.
Rabab Fatima also called for more vigorous efforts to finance climate actions, which will support the vulnerable countries in building better resilience against any future disaster.