EU, OACPS Reaffirm Commitment to SDGs Ahead of FfD4

The European Union (EU) and the Organisation of African, Caribbean, and Pacific States (OACPS) jointly affirm their commitment.

They emphasize the significance of the United Nations 2030 Agenda in promoting sustainable development and global cooperation.

Furthermore, both organizations underscore the vital role of the Sustainable Development Goals (SDGs) in driving global progress.

By fostering partnerships, they aim to create a better future for all nations and communities involved.

As they approach the 4th UN Conference on Financing for Development (FfD4), both organizations reaffirm their dedication.

They seek to establish an ambitious and effective financing framework that addresses current global challenges and supports sustainable development.

Consequently, they believe this framework is essential for accelerating sustainable development across all regions and sectors.

By highlighting shared goals, they underscore the necessity of reinforced international cooperation.

Ultimately, their collaboration aims to foster a more sustainable future for all nations involved.

Addressing Global Financing Needs

The joint statement emphasizes the urgent need to bridge the global financing gap.

To achieve the Sustainable Development Goals (SDGs), both parties highlight the importance of leveraging various financing sources.

They advocate for a multilateral approach that includes public, private, domestic, and international funding.

Moreover, the statement underscores the necessity of establishing a stable, fair, inclusive, and transparent global trading system, especially given current geopolitical uncertainties.

Recognizing the EU’s significant role as the world’s largest provider of Official Development Assistance (ODA), the statement calls for increased efforts to meet international ODA targets.

Additionally, it emphasizes mobilizing private finance through innovative instruments.

These instruments include green and blue bonds, public-private investment funds, remittances, and diaspora investments, which are essential for sustainable development.

Relevance of the Samoa Agreement

The OACPS and EU reaffirmed their commitment to the Samoa Agreement as a foundation for their political partnership.

Signed on November 15, 2023, and provisionally applied since January 1, 2024, this agreement provides a legal framework for relations between the two entities over the next two decades.

It underscores shared priorities, including sustainable development, human rights, peace, security, and climate action under the Paris Agreement.

Focus on Reforms and New Metrics

Both parties stressed the need for more effective, inclusive, and coherent cooperation mechanisms.

They advocated for adopting new metrics like the OACPS Multidimensional Vulnerability and Resilience Index (OMVRI) to better reflect development realities beyond GDP.

Key areas for coordinated action include debt management, domestic revenue mobilization, and combating illicit financial flows.

The joint statement also expressed support for ongoing reforms of the global financial architecture.

These reforms aim to strengthen the role of developing countries within multilateral development banks and other international financial institutions.

Progress in reallocating Special Drawing Rights (SDRs) to vulnerable nations—led significantly by the EU and its Member States—was welcomed as a positive step forward.

Promoting Sustainable Investment

Shared Determination to Achieve SDGs

The EU and OACPS concluded by reiterating their shared determination to mobilize financing and deliver on the SDGs by 2030.

Their partnership reflects a continued commitment to addressing global challenges through collaboration, innovation, and sustainable development efforts.

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