During the visit of UNCTAD delegation to Moscow, a meeting was held between UNCTAD Secretary General Mr. Mukhisa Kituyi and the Chairman of the Board of the International Bank for Economic Co-operation (IBEC) Mr. Denis Ivanov. Representatives of the Ministry of Economic Development of the Russian Federation, as the party that hosted the UNCTAD delegation, also took part in the meeting.
IBEC Chairman Denis Ivanov spoke about the Updated Strategy of the Bank and its new business profile, the key part of which is support for foreign economic relations of the IBEC member states. Mr. Kituyi noted the priorities match of the two organizations, since the main purpose of UNCTAD’s activities is to contribute to maximizing of cross-border trade volumes. Given the fact that at the present time not enough attention is paid to the support and development of trade finance, the updated IBEC strategy, in his opinion, is extremely relevant and meets contemporary challenges.
Mr. Kituyi stressed that barriers in the form of sanctions and individual protectionist measures have a significant negative impact on the dynamics of the world trade. Therefore, UNCTAD actively interacts with numerous multilateral development institutions that can facilitate the development of cross-border trade and support small and medium-sized businesses. The Secretary General of UNCTAD sees great potential in banks with intergovernmental status, the main profile of which is trade finance, especially taking into account their immunity from regional legislative regulation.
During the meeting, Mr. Ivanov also shared information on the IBEC initiatives in the field of digitalization, including the development of blockchain platform for trade finance. Such a platform will become the core of a system uniting banks and companies interested in the rapid implementation of trade operations, the efficient and risk-free execution of trade contracts and the selection of the optimal scheme of trade financing.
Following the meeting, the parties agreed to organize a systematic exchange of information, as well as to ensure on a regular basis participation of the IBEC representatives in the relevant events organized by UNCTAD.
The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body and is a key organ of the UN General Assembly in trade and development issues.
UNCTAD has 194 member states. A total of 111 intergovernmental bodies and 222 civil society organizations have gained accreditation as observers to UNCTAD’s Trade and Development Board.
UNCTAD plays the role of a focal point for development and related issues of trade, finance, technology, investment and sustainable development in the UN system. Its main objective is to facilitate the integration of developing countries and countries with economies in transition into the world economy and development through trade and investment. In pursuing its goals, UNCTAD conducts research and policy analysis, intergovernmental meetings, technical cooperation and interaction with civil society and the business sector.