United News of Bangladesh

Global disruptions to energy supplies and trade routes are increasing the cost of food, transportation and essential goods around the world, weakening economic growth and placing greater strain on vulnerable households and debt-burdened developing nations. The concerns were raised during a special session of the United Nations Economic and Social Council (ECOSOC) on Friday, which focused on protecting energy and trade flows amid ongoing instability in fuel markets, shipping networks and supply chains. “This is not only an energy challenge. It is a development challenge. It is a financing challenge,” ECOSOC President Lok Bahadur Thapa told delegates at UN Headquarters in New York. “Above all, it is a test of our collective ability to deliver on the promise of the 2030 Agenda.” The 2030 Agenda, adopted by all UN Member States in 2015, aims to eradicate poverty, reduce inequality and protect the planet through sustainable development goals by the end of the decade. Rising fuel prices worsening hardship Higher fuel and transportation costs, along with trade disruptions and tighter financial conditions, are increasing pressure on developing economies — especially those heavily reliant on imported food and energy and already struggling with debt. UN estimates show that global fuel prices are currently more than twice the 2025 average. Fertilizer prices may also stay 15 to 20 per cent higher through the first half of 2026 if current disruptions persist. These increases are already contributing to higher food prices and living expenses worldwide. “More than 32 million additional people are at risk of being pushed into poverty globally as a result of the combined shock of rising energy prices, higher food costs and weakening economic growth,” Mr. Thapa said. Women and youth among the hardest hit Women, children and young people are particularly vulnerable to rising energy and food costs, especially in countries where families spend much of their income on basic necessities. Li Junhua, the UN Under-Secretary-General for Economic and Social Affairs, warned that instability in energy and supply systems is putting additional stress on an already fragile global economy by fuelling inflation and limiting governments’ ability to invest in key sectors. “Safeguarding energy and supply flows is therefore not just an economic imperative; it is a fundamental requirement for achieving inclusive and sustainable development,” he said.  Li identified four urgent priorities: maintaining open and predictable energy and commodity markets, expanding affordable financing for developing nations, investing in resilient and sustainable energy infrastructure, and accelerating progress toward Sustainable Development Goal 7, which focuses on access to affordable and reliable energy. Small island nations face severe consequences Mia Mottley, Prime Minister of Barbados, highlighted how small island economies dependent on imported fuel and food are especially exposed to global instability. “Energy is just never energy,” she said. “It is medicine, it is food, it is learning, it is work. It is dignity in a household and sovereignty in a nation.” Referring to the broader effects of instability in the Middle East, Ms. Mottley said international crises quickly spread through shipping routes, fuel prices and government budgets before affecting ordinary citizens. “It arrives as the delayed medical shipment. It arrives in the higher bus fare. It arrives in the smaller plate,” she said. Barbados imports over 85 per cent of its energy, while the wider Caribbean region imports more than 80 per cent of its food supply. “Small size does not soften the shock; it often makes it faster and more expensive,” she added. Calls for global cooperation Thapa urged countries to avoid fragmented responses and instead pursue coordinated international action involving governments, financial institutions, development banks, businesses and civil society. “The question is whether we respond through fragmentation and short-term reaction, or through cooperation, solidarity and shared responsibility,” he said. UN officials also stressed the importance of increasing investment in renewable energy, stronger infrastructure and more resilient trade and energy systems to reduce future risks. “With coordinated action, sustained investment and a renewed commitment to multilateralism, we can build more resilient energy systems, secure supply chains and further promote inclusive and sustainable development,”  Li said.

Permanent Representative of Bangladesh to the United Nations Ambassador Rabab Fatima has said the lack of infrastructure, especially in the areas of ICT, health, and education is acutely felt during the ongoing COVID-19 pandemic. "Therefore, it should be our urgent priority to build adequate infrastructure in all these areas," she said. The envoy made remarks while speaking at a virtual panel discussion on ‘Accelerating infrastructure investments for a sustainable and resilient recovery and restoring trade’ at the ECOSOC (United Nations Economic and Social Council) Forum on Financing for Development in New York on Tuesday. Highlighting the critical importance of digital infrastructure for providing vital services to people, Ambassador Fatima urged the developed countries to ensure much needed technology transfer to LDCs and other vulnerable countries. Also read: ECOSOC chief focuses on pandemic, SDGs, climate action She also underscored the importance of ensuring fast recovery from the pandemic as well as better resilience against current and future shocks. Ambassador Fatima called for the integration of the disasters and climate change issues into investment decisions to build long-term sustainability and resilience. Underlining the weaknesses of the global supply chain infrastructure, she emphasized the need for further improvement of trade infrastructure including in the areas of transit, transportation, and shipping etc. The envoy put specific focus on the grants and long-term concessional financing in infrastructure investment, public-private financing, blended financing, south-south and triangular cooperation etc. She urged the advanced economies to fulfill their unmet promises in the areas of DFQF market access and other trade benefits to LDCs. Also read: Bangladesh elected ECOSOC member The 2021 ECOSOC Forum on Financing for Development is being held from 12-15 April 2021 in New York. Finance Minister AHM Mustafa Kamal is leading the Bangladesh delegation. He delivered a pre-recorded statement at the special segment of the Forum held on April 12. Bangladesh also participated in the Special High-level Meeting with the Bretton Woods Institutions (World Bank and IMF), WTO and UNCTAD on Tuesday.

Bangladesh’s Permanent Representative to the UN Ambassador Rabab Fatima has called for creating employment and other opportunities for those people who are left behind.

Equitable distribution of Covid-19 vaccines will represent an “acid test” for the international community.

Bangladesh has been elected member of the Executive Board of the UNDP, UNFPA and UNOPS securing the highest votes -- 53 out of the 54 with 1 abstention - for the term 2021-2023, beginning from January 1, 2021.

Economic and Social Council (ECOSOC) President Munir Akram said now is the time to implement policies and commitments to recover from the impact of COVID-19 pandemic, achieve the Sustainable Development Goals (SDGs), and implement the Paris Agreement on Climate Change.

Indian Prime Minister Narendra Modi has highlighted India’s role in its region as a first responder to COVID-19 crisis as he delivered a keynote address virtually at this year’s High-Level Segment of the United Nations Economic and Social Council (ECOSOC) session on Friday.   Prime Minister Modi recalled the support provided by the Indian government and Indian pharma companies for ensuring medicine supplies to different countries, and for coordinating a joint response strategy among SAARC countries.   This was the first address by PM to the broader UN membership since India’s overwhelming election as a non-permanent member of the Security Council on June 17, for the term 2021-22, according to Press Information Bureau of India.   The theme of the High-Level Segment of the ECOSOC this year is “Multilateralism after COVID19: What kind of UN do we need at the 75th anniversary”.   Coinciding with the 75th Anniversary of the founding of the UN, this theme also resonates with India’s priority for its forthcoming membership of the UN Security Council.     Modi reiterated India’s call for a ‘reformed multilateralism’ in a post-COVID-19 world, which reflects the realities of the contemporary world.   In his address, he recalled India’s long association with the ECOSOC and the UN’s developmental work, including for the Sustainable Development Goals.   He noted that India’s developmental motto of ‘SabkaSaath,  SabkaVikaas,  Sabka Vishwas’ resonates with the core SDG principle of leaving no one behind.    Modi pointed out that India’s success in improving the socio-economic indicators of its vast populationhas a significant impact on global SDG targets.He spoke about India’s commitment to also support other developing countries in meeting their SDG targets.   He spoke about India’s ongoing development efforts, including for improving access to sanitation through the “Swacch Bharat Abhiyan”, empowering women, ensuring financial inclusion, and expanding availability of housing and healthcare through flagship schemes such as the “Housing for All” programme and the “Ayushman Bharat” scheme.   He also highlighted India’s focus on environmental sustainability and bio-diversity conservation, and recalled India’s leading role in the establishment of the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure.   This was the second time that Prime Minister addressed the ECOSOC.   He had earlier delivered the keynote address at the 70thanniversary of the ECOSOC in January 2016.