Chairman of the National Committee on Sustainable Development in the House of Representatives in New York: The international trading system suffers from structural imbalances

New York - February 16, 2025 (LANA) - The head of the National Committee for Sustainable Development in the House of Representatives, Rabia Abu Ras, confirmed in her intervention during her participation in the parliamentary hearing session of the Inter-Parliamentary Union held at the United Nations headquarters in New York, that the current international trade system still suffers from structural imbalances that give major countries unfair privileges, which hinders sustainable development in many developing countries. She added that trade should be a means of fair growth and not a tool to widen economic gaps, stressing that parliamentarians must move collectively to push for real reforms through cooperation to push for fairer trade terms, by eliminating unfair trade restrictions and high customs tariffs imposed on developing countries’ exports, as well as demanding reform of the World Trade Organization (WTO) so that it becomes more comprehensive and fair, and not limited to serving the interests of major economies. Developing countries must also have a greater role in formulating international trade policies, with an emphasis on including standards of social justice and environmental sustainability in trade agreements, in addition to strengthening regional partnerships and economic blocs that give us greater ability to impose fairer terms and protect our local markets from unfair exploitation.

The head of the National Committee for Sustainable Development in the House of Representatives, Rabia Abu Ras, called on the Secretary-General of the United Nations to integrate the role of parliaments in international trade policies, so that parliaments become an effective partner in ensuring justice and equality, and ensuring that the national policies of developing countries are in line with the goals of sustainable development, and are not negatively affected by external economic pressures.

The Chairperson of the National Committee for Sustainable Development in the House of Representatives also called for focusing on the role of parliaments in promoting economic diplomacy, especially in light of global economic transformations and increasing challenges, stressing that parliaments should have a role that goes beyond legislation and oversight to actually influence the formulation of international economic policies, stressing that economic diplomacy is not limited to governments only. She pointed out that parliaments can be a vital tool for building sustainable strategic partnerships, whether by approving legislation that attracts investment, strengthening relations with sovereign funds, or aligning national policies with the international agenda for sustainable development, which is what parliamentary friendship committees and parliamentary geopolitical groups should focus on, as well as strengthening relations with sovereign funds and international financial institutions by formulating legislation that stimulates sustainable financing, such as green bonds and environmental instruments, to ensure sustainable investment flows and integration of legislation with the 2030 Agenda for Sustainable Development so that investments are not limited to profitability only, but include the social and environmental dimension, and achieve comprehensive development.