Intl. financial system facing challenges due to unilateralism

Iran UN envoy

TEHRAN, (MNA) – Iran’s permanent ambassador to the United Nations Majid Takht-Ravanchi has said that the international financial and trade system is now, more than ever, facing different challenges due to its unilateralism.

The rampant blow to multilateralism has generated greater challenges for both “international trade” and the “international financial system,” he said, addressing the 2022 ECOSOC Forum on Financing for Development, which was held in New York from April 25 to 28.

“Unfortunately, while the international community reaffirms its commitment to strengthening multilateral cooperation, there are still a few countries that have opted for the failed path of unilateralism, even during such a dangerous and unprecedented situation,” Takht-Ravanchi added.

“It is undeniable that COVID-19 and unilateralism have substantially added to the financial difficulties and burdens of developing countries.”

“On the one hand, developing countries must devote much of their scarce development resources to address the repercussions of the pandemic. On the other hand, some countries, including my own, also have to deal with the grave consequence of illegal UCMs (unilateral coercive measures) and unilateral sanctions imposed by those countries that claim to be the champions of human rights,”  Iran’s UN ambassador hastened to add.

Takht-Ravanchi further said that increasing support for developing countries by scaling up and improving access to different resources has never been more important in enabling them to not only recover better and faster but also to aid in their move towards the achievement of sustainable development goals.

“The embargo policies by some major players cast doubt on the effectiveness of multilateral financing and trading systems. The international community should therefore ensure that the trade and financial system, as well as financing for development in no way, become hostage to illegal unilateral agendas,” he added.

The senior Iranian ambassador asserted that it is the right of every sovereign state to be part of an inclusive and non-discriminatory multilateral trading system.

“The World Trade Organization, where the Islamic Republic of Iran has been denied membership for more than two decades, is now a target of harsh unilateral behavior which puts the whole international trading system at risk,” he noted.

According to Takht-Ravanchi, technology transfer and capacity building are among the core priorities for developing countries in reaching sustainable development, and eliminating the constraints on technology transfer to developing countries is vital.

“The international community should take all necessary measures to urge developed countries to lift artificial trade bans and remove restricted export measures on high-tech goods to developing countries,” he concluded.