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World trade ministers agree landmark deal to strengthen UNCTAD

Xinhua, July 22, 2016 Adjust font size:

Trade ministers from 194 countries on Friday agreed to strengthen the mandate of the Geneva-based U.N. Conference on Trade and Development (UNCTAD) to effectively deal with matters affecting trade, foreign investments and the fight against poverty.

Kenyan foreign minister Amina Mohamed who chaired the talks said the deal reached in Nairobi and named the "Nairobi Mafikiano" (Consensus) offers a direction on the role of UNCTAD and the programs to be undertaken by UNCTAD for the next four years.

"We have a deal done. It is a good day and a win for multilateralism," Mohamed told reporters.

The new deal proposes sweeping powers to be granted to UNCTAD to deal with the issues affecting investments by both local and international corporations, governments and the private sector.

"We have an outcome we are proud off. The eight days have shown the world what Kenya can offer," Mohamed said after announcing the agreement on the role of UNCTAD in managing trade and other emerging issues such as the Foreign Direct Investments (FDIs) and the fight against poverty.

The Nairobi talks were held amid complaints from the civil society groups from Kenya, South Korea and Zimbabwe, who complained the trade liberalization talks were meant to rip poor Africans by giving more powers to foreign cooperation to acquire firms in new destinations and hurt the poor.

"We are here to raise our concerns against the wrongs underlying the treaties we have today. The foundations of these treaties were established based on consumers and producers," said Dr Justus Juma, Founder and Coordinator of a civil society coalition campaigning against trade in food.

"Africa is seen as a continent without the capacity to produce. We do not benefit from the massive resources we have," Juma told Xinhua, while leading a civil society protest against the UNCTAD talks. Endit