‘West’s recovery plans should help developing world’

Text of address to the General Debate of the 67th Session of the United Nations General Assembly by External Affairs Minister Prof. G. L. Peiris

On behalf of the government of the Democratic Socialist Republic of Sri Lanka, I congratulate Your Excellency, on your election as the President of the 67th Session of the UN General Assembly.

Your proven skills and charming personality leave no room for doubt, that under your able leadership we will achieve our goals for this session.

Sri Lanka is also pleased to endorse the theme proposed by you for this year’s high-level debate 'Adjustment or settlement of international disputes or situations by peaceful means in the multilateral global governance system' - a most appropriate theme in these trying times.

The United Nations has provided the premier forum for 67 years for the resolution of international disputes and the negotiation of landmark global goals. In fact, many conflicting aspirations of Member States have been reconciled through the intervention of the United Nations or through the auspices of this august body and its agencies. Some disputes, unfortunately, have taken time to resolve, or remain unresolved, but overall, the results have contributed to longevity of this institution. The United Nations provides an extensive range of options for resolving international disputes and achieving common goals. It is a forum for negotiations, it provides mediation options and good offices, and it is where principled solutions are found. The International Court of Justice provides the major judicial mechanism for the resolution of inter-state disputes.

In the conduct of international relations, Sri Lanka, a founding member of the NAM, firmly upholds the tenets of peaceful co-existence, mutual respect for each others’ sovereignty and territorial integrity, non-interference in the internal affairs of other states, and equality and mutual benefit. Sri Lanka believes that in the settlement of international disputes, action must be based on the fundamental principle of sovereign equality of states, a principle firmly enshrined in the Charter of the United Nations. The noticeable recent tendency to selectively and arbitrarily intervene in the internal affairs of states flies in the face of this principle and dilutes the confidence so carefully nurtured in the UN system.

Socio-economic change

The global financial crisis has posed a major challenge to the entire international community. It originated in the financial hubs of the world and created serious existential challenges worldwide, in particular, to developing countries. The cavalier attitudes of the financial markets in developed countries, operating without proper regulation, have resulted in the disruption of millions of lives and the social fabric of many societies.

The number enduring extreme poverty has been augmented by millions. Full recovery from this crisis remains an uncertainty, as unemployment and debt remain at unsustainably high levels, complicated further by the devaluation of reserve currencies. The cumulative impact of this financial meltdown in developed countries has deeply impacted on the efforts of these countries to achieve transformational socio-economic change and has also impeded progress in realising the internationally agreed development goals, including the Millennium Development Goals (MDGs).

In this context, it is of the greatest importance to ensure that any strategies employed to achieve recovery, do not impose unjustifiable burdens on developing countries, as they strive to achieve better living conditions for their people. A recovery without uplifting the developing countries simultaneously will be unsustainable. It is paradoxical that it is the same countries where the financial crisis originated, which now seek to provide policy prescriptions to others. While the end result is still in the realm of uncertainty, global discussions continue and the voices of developing countries are an important element in this. Concerns expressed at these negotiations and consultations must be reflected in any new policy guidelines adopted.

There cannot be a 'one size fits all' approach. The views of all and the experiences of the successful, especially the newly emerging economies, must be taken into account.

It is noted that many countries of the South have weathered the financial storm successfully. The lessons learnt from the previous crises have served them well and precautionary measures to minimize the negative impacts of the current crisis have been taken. These experiences must also be an important element in the eventual solutions developed. Sri Lanka’s economy, which has been carefully managed during this period, is one of the Asian economies which has recorded impressive gains.

A growth rate of 8.2 percent was achieved in 2011.Since the end of the conflict in 2009, the areas formerly controlled by the terrorists, the Northern Province, recorded a 27 percent GDP growth in 2011. The exponential boom in agriculture and fisheries has contributed substantially to this result.

Financial crises

A significant aspect of the process of addressing the financial crises, must be a restructuring of the global financial architecture. It is important to note that global financial power has shifted over recent times from the industrialized North to the power houses of the South. It is imperative that the global financial institutions reflect these tectonic changes in the international arena. They must now be reflected in the global structures, including the UN, its agencies and other multilateral institutions. The UN can play an important role towards achieving this end.

We are at a significant juncture in human history when climate change looms as the greatest challenge to the very existence of humanity. The future of our children is at stake. Carbon Dioxide emission levels, historically caused largely by a small number of industrialized countries, have impacted adversely on the climate and have given rise to global warming and climate change. It may be too late already. Recurrent droughts, uneven rain, glacier melt, receding polar ice, sea level rise, unusual weather patterns, all seem to suggest a global environment in crisis. A substantial majority of scientists agree.

To be continued