14 December 2015: The UN General Assembly’s (UNGA) Second Committee (Economic and Financial) has concluded work for the “main part” of its 70th Session. It approved 18 resolutions on topics ranging from international financial systems to women in development, many of which underscored the link with the 2030 Agenda for Sustainable Development, the importance of eradicating poverty and the need to account for economic, social and environmental considerations in their implementation. The Committee will hold informal consultations and a resumed meeting of the Committee in early 2016, according to a road map to be issued in January.

The Committee met on 14 December 2015, in New York, US, approving several texts.

The draft resolution titled ‘International financial system and development’ emphasizes that the system should bolster sustained, inclusive and equitable economic growth, sustainable development and job creation, and the Assembly would reiterate the need to act decisively to tackle the challenges confronting the global economy in order to ensure balanced, sustained, inclusive and equitable global growth. Taking the floor, the US expressed regret about language on unilateral economic sanctions, which he said should be seen as promoting rule of law and preventing threats to international security, as an alternative to the use of force.

Through the draft resolution titled ‘Financial inclusion for sustainable development,’ the UNGA would decide to consider financial inclusion in the follow-up and review framework of the 2030 Agenda and in the follow-up process of the Addis Ababa Action Agenda (AAAA).

The draft resolution titled ‘Women in development’ recognizes the mutually reinforcing links between gender equality and the empowerment of all women and girls, and poverty eradication.

Other draft resolutions approved by the Committee included: ‘Follow-up to the International Conference on Financing for Development;’ ‘External debt and sustainability and development;’ ‘Commodities;’ ‘Implementation of the outcome of the United Nations Conference on Human Settlements (Habitat II) and strengthening of the United Nations Settlements Programme (UN-Habitat);’ and ‘Draft programme of work of the Second Committee for the seventy-first session of the General Assembly.’

Australia, Canada and the US did not engage in the negotiations on the resolutions on ‘International trade and development,’ ‘Science, technology and innovation for development,’ and ‘Role of the United Nations in promoting development in the context of globalization and independence,’ arguing that the resolutions were submitted past the deadline and informal negotiations were cancelled numerous times, which had resulted in a suppressed schedule with insufficient time to consult with capitals. Noting that the Committee required two deadline extensions mainly because several resolutions were only made available two to six weeks after the deadline set by the Committee’s Bureau, the EU stressed the need for the Committee to “attune to the challenges of the time.” Without a change in its work, he explained, the Committee cannot meet challenges in an “all-encompassing” political environment.

Japan, also for Australia, the US, Canada and Mexico, expressed “dismay” that drafts that had not yet been decided in the Second Committee were under discussion in the Fifth Committee (Administrative and Budgetary). She said delegations are concerned that the presentation of budgetary estimates is inconsistent with credible analysis.

Liechtenstein, also for New Zealand, said the Committee’s work this session has been “highly problematic” due to a lack of respect for deadlines and a lack of transparency in proceedings. She hoped the Committee will continue to reflect the universal nature of the UNGA and not turn into a “platform for exchange among major groups only.”

Several delegates underscored the Committee’s vital role in supporting the implementation of the 2030 Agenda, while Venezuela recalled that her country has expressed reservations with regard to the 2030 Agenda and the AAAA. Bolivia said it is beyond her understanding why only 14 resolutions have language on “no one left behind.”

Angrej Logar, Permanent Representative of Slovenia and Chair of the Second Committee, said Member States agreed that the revitalization of the agenda and working methods of the Committee consists of three related areas: the methods of work of the Committee, especially focusing on improving efficiency to finish the Committee’s work on time; organization of the agenda, so that poverty eradication and sustainable development are the overarching context, and also to avoid overlap and duplication; and the relevance and impact of the work of the Committee, especially in contributing to the implementation of the 2030 Agenda, the AAAA and the Paris Agreement. He noted that the Chair’s paper, titled ‘Food for Thought,’ should provide a “solid base” on which to build the Committee’s future work. “Clearly, this is an exercise that will require time and dedicated effort,” he added.

Logar announced that he will convene a number of informal consultations, to begin in mid-January and conclude by the end of April 2016, which will include a formal resumed meeting of the Committee at which Member States should adopt the outcome of the informal consultations. He said after consultation with UNGA President Mogens Lykketoft, he will issue a road map in January, which will indicate the timing of each of the informal consultations and the topics that they will cover. [UN Press Release] [Webcast of Meeting] [Second Committee Statements] [IISD RS Stories on Second Committee’s Work in 70th Session]