5th UN Conference on Least Developed Countries (LDC5)

5th UN Conference on Least Developed Countries (LDC5)

In This Article, ”5th UN Conference on Least Developed Countries (LDC5)”, We Will Discuss About Least Developed Countries, Significance Of LDC5?, Importance Of LDCs?, What Is The Istanbul Program of Action for the Least Developed Countries?, How India Supports the Least Developed Countries?, etc.

LDC5 In News?

The Fifth United Nations Conference on the Least Developed Countries (LDC5) will be held from March 6–7, 2023 in Doha, Qatar.

Importance Of LDCs?

• 13% of the world’s population lives in LDCs, which are home to 40% of the world’s poor, and that the full realization of the SDGs depends greatly on their development.
• Although having a vast population, they only contribute 1.35% of global trade and FDI, which is a very low percentage.
• There are now 46 LDCs, the majority of which are in Africa, according to the United Nations.

About Least Developed Countries(LDCs)

• Since 1971, the United Nations has recognized the Least Developed Countries (LDCs) as the “poorest and weakest segment” of the international community.
• The LDCs host about 40% of world’s poor. Many are suffering conflict or emerging from one.
• LDCs account for 13% of world population but only about 1.3% of global GDP and less than 1% of global trade and FDI.
• Even if on the rise, still barely a fifth of the population in LDCs has access to the internet.
• LDCs typically rely on agrarian economies which subsequently can be affected by a vicious cycle of low productivity and low investment, especially as wealthier countries develop and utilize more productive farming technologies.
• Generally, LDCs rely on few primary commodities as major sources of exports and fiscal earnings, causing them to be vulnerable to external terms-of-trade shocks.
• Some LDCs have been able to diversify into the manufacturing sector though often remain limited to products in labour-intensive industries, such as textiles and apparel.
• These development constraints are responsible for insufficient domestic resource mobilization, low economic management capacity, weaknesses in programme design and implementation, chronic external deficits, high debt burdens and heavy dependence on external financing in LDCs.

How LDC5 Is Significant For The World?

• The world’s Least Developed Countries are in a race against time to deliver the Sustainable Development Goals by 2030.
• The remaining years need to usher in a new global partnership to ensure these 46 countries benefit from social, economic and environmental development.
• The Fifth United Nations Conference on the Least Developed Countries (LDC5) is a once-in-a-decade opportunity to accelerate sustainable development in the places where international assistance is needed the most – and to tap the full potential of the Least Developed Countries helping them make progress on the road to prosperity.
• The leaders participating in the 5th Least Developed Countries Conference will undertake a comprehensive appraisal of the implementation of the Istanbul Programme of Action for the Least Developed Countries (IPoA) along with mobilizing additional support measures and taking action in favor of LDCs.
• In addition, the leaders will agree on a renewed partnership between LDCs and their development partners to overcome structural challenges, eradicate poverty, achieve internationally agreed development goals, and enable graduation from the LDC category.

What Is The Istanbul Program of Action for the Least Developed Countries(IPoA)?

• The Istanbul Program of Action for the Least Developed Countries for the Decade 2011-2020 identified 8 priority areas for LDCs and development partners to focus on in order to advance development in LDCs.
• With the IPoA implementation period completed, UN-OHRLLS has been mandated by the General Assembly to be the focal point for the preparations of the Fifth UN Conference on the LDCs (LDC5).

How India Supports the Least Developed Countries?

• India has consistently been a leading voice for the least developed nations.
• The nation has addressed the problems faced by the developing and underdeveloped world to the United Nations and other international forums.
• India has taken the initiative to organize the “Voice of Global South Summit,” which is another demonstration of its dedication to developing and underdeveloped nations.
• One can also see this from India’s current G20 presidency, which has brought up issues affecting developing and emerging nations on a number of platforms so that concrete actions can be taken to provide solutions.

Sharing is caring!