Tuesday 25 February 2020 ,
Tuesday 25 February 2020 ,
Latest News
  • Mushfiq gets his third 'Double Century'
  • Salman Shah committed suicide: PBI
  • Malaysian PM Mahathir submits resignation
  • Trump receives warm welcome in India
  • Coronavirus: Family of infected Bangladeshi in Singapore to receive $10,000
  • GP ordered to pay another Tk 1,000cr within 3 months
  • Dhaka vehicles now move at walking pace
  • Britain starts hearing US case for extraditing Assange
  • 400 bureaucrats set to get promotion despite lack of posts
28 January, 2020 00:00 00 AM
Print

UNCTAD fears illicit trade to threaten SDGs achievement

BSS, Dhaka

The global economy loses over US$ 2 trillion annually due to smuggling, counterfeiting, trafficking of humans and wildlife as well as other forms of illicit trade that hold back progress on the global development agenda.

“Illicit trade endangers all aspects of development and all 17 of UN Sustainable Development Goals (SDGs),” said UNCTAD Secretary-General Mukhisa Kituyi.

He said “It creates a triple threat to the financing of development: crowding out legitimate economic activity, depriving governments of revenues for investment in vital public services and increasing the costs of achieving the SDGs by eroding the progress already made.”

To address this alarming problem, UNCTAD and the Transnational Alliance to Combat Illicit Trade (TRACIT) are convening first-ever Illicit Trade

Forum on 3 and 4 February in Geneva, said a UNCTAD release yesterday.

The forum is designed to encourage an open dialogue among representatives from Member States, experts and non-governmental observers, with the aim to share expertise, promote international enforcement cooperation, coordinate resources and ensure countries are adequately equipped to mitigate illicit trade.

TRACIT Director-General, Jeffrey Hardy, said: “Given the scale and damaging effects of illicit trade, a coordinated and sustained global response by governments and companies is urgently needed.”

The international response to illicit trade is largely fragmented among many sectors vulnerable to illicit trade, which necessitates a joint approach that considers the interconnected nature of the problem, commonalities and points of convergence among its various manifestations.

“Every country is feeling the malignant effects of illicit trade, underscoring the need for expanded partnerships and cooperation among governments to push back against this deterrent to global sustainable development,” said Pamela Coke-Hamilton, UNCTAD’s Director of International Trade.

Illicit trade drains nearly 3 percent of the world’s economy. It endangers public health, as sub-standard and fake anti-malarial medicines alone cause more than 100,000 deaths per year in Sub-Saharan Africa.

Illicit trade also pushes endangered species to the brink of extinction and causes irreversible damage to ecosystems. For instance, illegal logging, with an estimated annual value of up to $ 157 billion, is the world’s most profitable crime involving natural resources.

 

Comments

Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
01
02030405060708
09101112131415
16171819202122
23242526272829

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting