MidEast Crisis: Bangladesh, UNCTAD warn of economic fallout

Bangladesh and the United Nations Conference on Trade and Development (UNCTAD) have warned that the ongoing conflict in the Middle East poses significant risks to the global economy.

UNCTAD Secretary-General Rebeca Grynspan met with Bangladesh’s Foreign Minister Dr Khalilur Rahman at the country’s Permanent Mission to the United Nations in New York on Monday (New York time) to discuss the matter.

According to the Ministry of Foreign Affairs, the meeting focused on the current global economic situation in the context of the Middle East conflict. Both officials emphasised the urgent need for all relevant parties to avoid further escalation and to pursue a diplomatic resolution.

They noted that disruptions in international trade and volatility in energy markets are already affecting developing countries, particularly the poorest, who are witnessing setbacks in progress made over recent years.

Grynspan, formerly Vice President of Costa Rica, is a candidate for the post of UN Secretary-General, while Dr Rahman is in the running for the presidency of the 81st session of the United Nations General Assembly. The two officials also discussed their respective candidatures during the meeting.

Ambassador Salahuddin Noman Chowdhury, Bangladesh’s Permanent Representative to the UN, was present at the discussions. Established in 1964 by the United Nations General Assembly, UNCTAD is a permanent intergovernmental body that promotes trade, investment, and development for member states.