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The 16th United Nations Conference on Trade and Development (UNCTAD16) opened on Monday in Geneva under the theme “Shaping the future: Driving economic transformation for equitable, inclusive and sustainable development.”

The four-day conference (20-23 October) convenes ministers of trade and economy, leaders of international organisations, representatives of civil society, private sector, youth and renowned experts to engage in high-level dialogue on global trends and policy perspectives on trade, finance and debt, investment, development and the digital economy.

The quadrennial conference is UNCTAD’s highest decision-making body, bringing together 195 Member States to assess pressing trade and development issues, weigh policy options and craft multilateral responses.

Across more than 40 high-level sessions, ministerial roundtables and events, delegates will focus on practical routes to resilient supply chains, fairer finance, productive investment and an inclusive digital economy, said UNCTAD in a statement sent to Financial Nigeria. It added that discussions will examine how countries can navigate today’s uncertainties while laying foundations for sustainable growth that benefits everyone, everywhere.

UN Secretary-General António Guterres will address UNCTAD16 on 22 October.

Federal Councillor of Switzerland Guy Parmelin said: “Let’s remain faithful to tradition of international Geneva and find consensus by looking at the diverse points of view and ensuring that we stimulate the economy with a view to achieving fair, inclusive and lasting development.”

In her opening address, UNCTAD Secretary-General Rebeca Grynspan warned that uncertainty, debt and falling investment are weighing heavily on the world’s poorest countries.

Yet Ms Grynspan highlighted that major shifts – from new trade patterns and resilient services to clean technologies and artificial intelligence – offer a chance to reshape the global economy for greater inclusion and resilience.

She stressed that the key question is not whether change will happen, but who will steer it and for whose benefit.

“We’ve come here to shape the future, together, so that trade, investment and technology work for people, not the other way around,” Ms Grynspan said.

The world is at a crossroads that calls for a fundamental shift in development mindset, global leaders said in their remarks to the UNCTAD16 opening ceremony.

President José Ramos-Horta of Timor Leste, speaking via video message, called for a renewed commitment to rebalance the rules of global commerce, decisive action on debt, bridge the digital divide, and ensure climate justice is reflected in trade and investment, especially for least developed countries.

UNCTAD16 takes place amid wide-ranging reform efforts aimed at making the United Nations and the multilateral system better adapted to pressing challenges now and into the future.

“Progress in trade and development is critical to that renewal, said Annalena Baerbock, President of the UN General Assembly.

UNCTAD is the UN’s leading body on trade and development. Founded in 1964, it supports 195 member states with expert analysis, technical assistance, and serves as a platform for intergovernmental dialogue.