3rd Summit of South G77+China – Reform of Global Economic and Financial System, Climate Challenges, and Startups: President Tebboune’s Advocacy
BY: Dr. Hana Saada
ALGIERS- In an address delivered on his behalf by the Prime Minister, Nadir Larbaoui, at the opening of the 3rd South Summit of the G77+China in Kampala (Uganda), President Abdelmadjid Tebboune called for strengthened coordination and joint action within the group to preserve its negotiating unity in international organizations.
The President emphasized that this coordination should ensure “the preservation of the interests of Southern countries, particularly regarding sovereign equality, favoring consensus solutions within the framework of multilateralism on one hand, and development, empowerment, and special and differential treatment economically on the other hand.” He stressed the importance of launching targeted initiatives to advance the 2030 sustainable development plan and its goals, especially through South-South cooperation, crucial for realizing the common aspirations of developing countries.
President Tebboune highlighted the significance of collective and coordinated action to address challenges related to food and energy security, emphasizing the need for collective efforts to mitigate conflicts, poverty, and disparities, particularly in less developed countries facing rising global inflation rates and unsustainable debt levels.
Furthermore, President Tebboune expressed Algeria’s aspiration to initiate the creation of a Center of Excellence dedicated to showcasing successful experiences of innovative startups among Southern countries. This initiative aligns with Algeria’s vision, focusing on science, technology, and innovation as catalysts for economic growth and sustainable development.
President Tebboune called for a comprehensive reform of the global economic and financial system to make it more equitable and balanced. He highlighted Algeria’s long-standing advocacy for this reform, aiming to establish rules for a new international economic system that effectively upholds the principle of economic independence for developing countries.
Addressing difficulties in financing development in Southern countries, President Tebboune called for effective mechanisms to alleviate the burden of debt, including debt relief, cancellation, restructuring, and the suspension of debt services, especially for the least developed countries. He emphasized the importance of South-South cooperation in enhancing trade flows, investments, and economic integration.
President Tebboune also addressed the challenges of climate change, calling for the mobilization of necessary resources for a smooth energy transition to enhance resilience. He stressed the need for justice in climate action, considering the historical responsibility of advanced economies.
In conclusion, President Tebboune reaffirmed Algeria’s unwavering support for the Palestinian people’s right to an independent state with El Quds as its capital. He reiterated Algeria’s support for the UN Secretary-General’s efforts to achieve a fair resolution to the Western Sahara issue through a free and fair referendum, ensuring the Sahrawi people’s right to self-determination.
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