The United Nations Conference on Trade and Development (UNCTAD) took an important step this Wednesday (17.05.2022) by launching the Global Alliance of Special Economic Zones.
The initiative will serve to modernize these areas around the world and maximize their contribution to the Sustainable Development Goals.
La UNCTAD Secretary-General Rebeca Grynspan, was pleased by the launch of the global alliance and highlighted its relevance in this regard. “The United Nations 2030 Agenda for Sustainable Development provides an opportunity for special economic zones to attract investments by placing the Sustainable Development Goals at the forefront of their value proposition,” she stressed.
Grynspan added that “a new model for sustainable special economic zones is rapidly taking shape and is contributing to more inclusive, resilient and sustainable economies in the countries where they operate.”
The global alliance's reach lies in that its founding members represent 7000 special economic zones in 145 economies, employing more than 100 million people, according to UNCTAD data.
Special economic zones are geographically delimited areas within which governments promote industrial activity through tax and regulatory incentives and infrastructure support. They go by many different names, including free trade zones, export processing zones, industrial parks, and others, and are widely used by both developed and developing economies.
In addition to the above, the potential of the initiative lies in the "common experienceThe United Nations said the alliance brings together the best knowledge of its members to increase collaboration among special economic zones and enhance their contributions to sustainable development.
However, he noted that special economic zones face challenges new challenges and opportunities that require them to adapt and innovate.
Some challenges are related to the COVID-19 pandemic, with new lockdown measures in some parts of the world or disruptions due to the war in Ukraine. Other challenges and opportunities are longer term and stem from changing global value chains, including the relocation, and a greater digitalization and investments in digital assets. In addition, the tax reforms Ongoing global corporate governance challenges require governments to re-evaluate their tax tools and incentives, on which SEZs have traditionally relied. Many SEZs are also embracing the Sustainable Development Goals and targeting investments related to these goals.
On the way to a global platform
The Global Alliance of Special Economic Zones, launched on Wednesday, establishes a framework for collective action. According to its founding members, the alliance can catalyze partnerships and bring together stakeholders, including governments, the private sector and international organizations.
In this regard, John Denton, Secretary General of the International Chamber of Commerce, and Deepak Bagla, President of the World Association of Investment Promotion Agencies, supported the initiative and expressed their willingness to work together with their “complementarities.”
Founding members of the alliance include the Organization of African Economic Zones, the Free Trade Areas Association of the Americas, the Green Partnership for Industrial Parks in China, the International Association of Science Parks and Innovation Areas, the National Trade Zones Association of the United States of America, the World Federation of Free Trade Zones and Special Economic Zones, the World Organization of Free Trade Zones and UNCTAD.UNCTAD Press Release)
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