Africa

G77+China summit: End economic protectionism, Museveni tells world

Ugandan President Yoweri Museveni during a high-level UNCTAD seminar, which took place in Munyonyo, Kampala, on January 21, 2024, on the sidelines of the G77+China summit. (Photo: X/Yoweri Museveni)

By Jill Namatsi | Sunday, January 21, 2024

Museveni urged the G77+China to instead ensure universal economic growth so at to reap maximum benefits, as "economic progress in one country can benefit the other".

Ugandan President Yoweri Museveni, the new chair of the Third South Summit of the Group of 77 and China, reiterated his call against economic protectionism on Sunday, saying it "hinders opportunities and threatens growth."

The Ugandan leader has in the past appealed against the practice, saying factors such as high tariffs hamper global trade and keep developing nations in a state of poverty.

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Museveni urged leaders in the G77+China, who are attending the summit at Speke Resort in Munyonyo, Kampala, to instead ensure universal economic growth to reap maximum benefits, as "economic progress in one country can benefit the other."

"I wonder why global economic actors fail to understand that the prosperity of the entire world population benefits everyone, instead opting for policies that keep the majority in poverty," he said at the high-level seminar of the United Nations Conference on Trade and Development (UNCTAD), which took place alongside the G77+China summit.

"Who suffers when the world is prosperous? Is there a potential victim of global affluence? If our organisation aims to empower the entire world population economically, why promote economic protectionism?"

Museveni, whose country took over the chairmanship from Cuba on Sunday, has made several pledges to the 134 member states, among them accelerating the implementation of the 2030 Agenda.

Others are scaling up action to address climate change and biodiversity loss, strengthening international tax cooperation and financing for development, fighting illicit financial flows and strengthening digital cooperation.

He noted earlier that he wanted the group to remain united to effectively promote their economic interests and strengthen their negotiating power in the UN system, in line with the goals that led to the formation of the organisation on June 15, 1964.

According to the Third South Summit's website, the 77 developing countries forming the G77 were signatories to the Joint Declaration of the Seventy-Seven Developing Countries, which was issued after the first session of UNCTAD. China does not consider itself a member of the Group but offers financial and political backing.

This third G77+China summit, which will end on January 22, is themed "Leaving No One Behind." It comes 18 years after the second one, which took place in Doha, Qatar, on June 12-16, 2005. The first one was held in Havana, Cuba, on April 10-14, 2000.