UNCTAD Praised For Leading Change In Trade

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has commended the United Nations Conference on Trade and Development (UNCTAD) for its part in charting a new path for trading.

Senator Hill was addressing the opening summit of the World Freezones Organization (World FZO) AICE Conference 2022 on Monday (June 13) at the Montego Bay Convention Centre in St. James.

“The whole idea of trade must change and UNCTAD, today in Jamaica, is helping to lead that change. So, we must congratulate UNCTAD and the member countries and the special economic zones for getting this deed of the global alliance of special economic zones (GASEZ) to be agreed on so relatively quicky among this large number of member states,” he noted.

The signing ceremony for the establishment of GASEZ also took place at a latter session at the conference.

GASEZ seeks to drive the modernisation of these zones across the world and maximise their contribution to the UN Sustainable Development Goals (SDGs).

Senator Hill highlighted that there are some 7,000 special economic zones (SEZs) that will be in this new alliance and about 3,000 in the World FZO. About 1,000 of these zones will be sciences and innovation hubs “not just business process outsourcing (BPO) but a good mixture, and that’s great for us to hear. So, all eight-member associations from Africa, Europe Asia and the Middle East, Latin America and the Caribbean will sign off on this new alliance agreement today”.

The World FZO 2022 AICE conference is being hosted by the Jamaica Special Economic Zone Authority (JSEZA). JSEZA was established by the enactment of the Special Economic Zones Act on August 1, 2016. The JSEZA is the arm of the Government of Jamaica (GOJ) responsible for facilitating the development and regulation and promotion of SEZs.

Attendees at the conference are set to benefit from broad-based insight on critical issues affecting free zones, as well as various networking opportunities with key international decision-makers who have an impact on business, trade, and investment.

The conference runs from June 12 to June 15 and is set to feature world-class speakers and senior policymakers, academics, multilateral organisations and global business leaders from over 100 countries. Delegations from international free zones will share best practices and foster public awareness on the role and contribution of free zones to economic growth.