International community called upon to support small and vulnerable states

Thursday, 3 May 2018 00:00 - - {{hitsCtrl.values.hits}}

Although some small states, especially small island developing states, enjoy medium to high capita GDP, giving the impression of wealth, they continue to suffer disproportionately from diseconomies of scale,

external economic shocks and catastrophic climate events

By Charnika Imbulana

in London

The Commonwealth leaders recognised that concerted action is required to address the unique challengers and vulnerabilities of small and vulnerable states to ensure their full participation in and contribution to a more prosperous future.

They recognised that although some small states, especially small island developing states, enjoy medium to high capita GDP, giving the impression of wealth, they continue to suffer disproportionately from diseconomies of scale, external economic shocks and catastrophic climate events, which significantly and gravely impact their economies and societies.

The leaders urged further action in addressing these challenges, including issues of unsustainable debt, limited access to development financing and other threats posed to their socioeconomic development.

To this end they called on the International Community to support measures including effective debt management and transparency, which alleviate help to alleviate these vulnerabilities and challenges.

The leaders noted the continued relevance of the Barbados programme of Action For Small Island Developing States (SIDS) as also articulated in the Mauritius Strategy for the further implementation of the Programme of Action for the Sustainable Development SIDS, and the SIDS Accelerated Modalities Of Action (SAMOA) pathway as an important opportunity to continue to advocate for greater international collaboration and enhance small States cooperation towards the implementation of the SIDS agenda.

They also endorsed the work of the Commonwealth Ministerial Meeting of Small States and expressed support for the 2019 Commonwealth Global Biennial Conference on Small States.

The leaders welcomed member countries’ contribution to the operationalisation of the Commonwealth Small States Centre of Excellence and the Commonwealth Small States Trade Financing Facility and encouraged further support to these initiatives.

The Commonwealth leaders further noted with concern that the practice of “de-risking” threatens to exclude small and other vulnerable states from accessing global financial markets and regulated financial services, and may constrain their ability to trade internationally.

They called for sustained international, regional and national efforts to identify effective solutions to combat “de-risking” and to preserve the financial inclusion of small and other vulnerable states in the global economy.