Connect with us

Africa

EU, OACPS Reaffirm Commitment to SDGs Ahead of FfD4

Published

on

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.

See also  Mineral deposits to replace loans in joint venture funding for African countries soon

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

The EU’s Global Gateway initiative and the Team Europe approach are essential tools that promote sustainable investment across various sectors.

These sectors include energy, digital infrastructure, health, education, and transport, all of which benefit significantly from such initiatives.

Both parties reaffirmed their commitment to creating favorable investment conditions by actively enhancing partnerships and dialogue.

Additionally, they emphasized the importance of promoting trade agreements, standardization, and regulatory cooperation to ensure mutual growth and stability.

See also  Why President Tinubu, wife travelled to France

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.

This joint statement prepares the ground for meaningful discussions at FfD4. It emphasizes the importance of multilateralism in tackling urgent global challenges.

By highlighting collective efforts, it encourages countries to collaborate effectively and share responsibilities.

The statement underscores the need for unified actions to achieve sustainable development goals worldwide.

It also aims to foster cooperation among nations while addressing pressing economic and social issues.


For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest from DDM TV

Latest Updates

FG. Cracks Down on ASUU Strikes, Unveils Global Talent Plan to Revive Universities

Justice or Corruption? Abuja Pastor Accused of Raping a Minor Gets Bail Slash

Osimhen Shatters Records with Historic Galatasaray Move!

Silent Trafficking Scheme Busted in Niger State

Nigeria Customs Service Warns Against Breaching US Visa Terms

Massive LED billboard celebrates Dele Momodu in Abuja

Shehu Sani slams Tinubu, backs regional unity against boko haram

Ekiti: INEC Holds Stakeholders Meeting Ahead of CVR Exercise

Ghislaine Maxwell seeks immunity deal to testify before U.S. congress

LP: Datti free to battle Obi for 2027 ticket

Subscribe to DDM Newsletter for Latest News

Get Notifications from DDM News Yes please No thanks