118. Richard Baldwin: Why the shift to services opens new doors for development

The Weekly Tradecast closes the year with a special episode highlighting key moments and voices in global development in 2024 and the paths we’re forging for a more inclusive and resilient future. It’s been a transformative year, marked by extraordinary challenges and opportunities. From rising economic uncertainties and shifting trade landscapes to the collaborative spirit of the Global Leaders Forum and the UN Summit of the Future, the need for innovative solutions has never been greater. Tune in to see how trade can drive sustainable development, transforming the world’s challenges into opportunities and shaping a better future for everyone. The Weekly Tradecast returns in early January with more insights on the world of trade and development. We wish you happy holidays and a new year filled with possibilities.

The Weekly Tradecast looks at trade, industrial policy and the role of the private sector in promoting the interests of developing countries with special guest John Denton, Secretary General of the International Chamber of Commerce (ICC). With a cascade of crises hitting the global economy, UN Trade and Development convened government leaders, top economists and other experts in Geneva earlier this year to chart a new course for development in a changing world. For a deeper look at the forum and how the private sector can support inclusive development, listen in to global business leader and advisor John Denton from the ICC.

This week, after the COP29 global climate summit, The Weekly Tradecast is looking at renewable energy and why trade, aid and investment policies need a rethink. Join Francesco La Camera, Director-General of the International Renewable Energy Agency, and Carlos Razo from the UN Global Crisis Response Group for insights on our urgent need to harness other kinds of energy as the global population grows, fossil fuels run out and our planet gets hotter. A new report by UN Trade and Development says trade in solar and wind technologies is booming but that the expansion must be faster, smoother, cheaper and more universal. Without investment and support from rich countries, developing nations may be sidelined. Tune in to Francesco La Camera and Carlos Razo for a deeper look at how to better support development and a greener future with renewable energy.

The Weekly Tradecast looks at how we can make sustainable fabrics and other materials recycled from agricultural waste with UN Trade and Development economist Henrique Pacini. For every banana or pineapple we eat, much of the plant is discarded during harvesting or processing. But this trash can be treasure. Transforming waste from bananas and pineapples into dresses and sneakers may seem farfetched but these eco-materials could help offset the environmental damage from fast fashion.  Listen in to UN Trade and Development’s Henrique Pacini to find out how these innovative fibres not only promise to reduce plastic and other synthetics but are also creating new jobs and economic opportunities.

With the COP29 global climate summit underway, The Weekly Tradecast looks at how to get the money we need for the green transition with economist, finance expert and sustainability advisor Sony Kapoor. It will take trillions of dollars to meet climate and development goals. The world’s advanced economies have pledged billions to help developing countries but, so far, few of the promises have been met and just a small amount of the funding is flowing. Listen in to special guest Sony Kapoor to follow the money and find out how we can finance the green transition and really make a difference.

As the COP 29 global climate summit gets underway, The Weekly Tradecast looks at the role of trade and investment in getting to a greener future with UN Trade and Development’s (UNCTAD) Chantal Line Carpentier. Making trade cleaner and greener is vital to achieving global climate targets. At the same time, large investments are needed to move to cleaner greener energy, cut emissions and adapt to climate change. Tune in to senior agricultural and environmental economist Chantal Line Carpentier to hear how economic growth and development, lower emissions and a zero-carbon future are all possible – with the right policies and actions.

The Weekly Tradecast looks at how carbon markets can help the most vulnerable countries address inequalities and protect the planet with UN Trade and Development’s (UNCTAD) Paul Akiwumi and Jean-Paul Adam from the UN Office of the Special Adviser on Africa. Least developed countries (LDCs) suffer much of the human and economic toll of climate change – even though they do little damage themselves. To help them, UNCTAD's latest report on LDCs looks at how the trading of carbon to mitigate climate change can also open up extra funds for development. Carbon trading seeks to limit emissions by allowing production in one place, such as a factory, to be offset against reductions in another place. But critics say it gives rich countries a licence to pollute and that many developing countries see few benefits. How can carbon trading help support sustainable and inclusive growth? Tune in to Paul Akiwumi and Jean-Paul Adam to find out. 

The Weekly Tradecast looks at why we must rethink development strategies as growth slows and social discontent rises. Anastasia Nesvetailova, a senior economist at UN Trade and Development (UNCTAD), shares her insights from the latest report showing that stagnating economic growth is not strong enough for developing countries to tackle their many challenges.  On top of climate change and multiple crises, low global growth and weak investment are worsening economic divides and fueling discontent. But the disruption also opens the way for the Global South to reshape trade, development and the green transition.  Tune in to Anastasia Nesvetailova, director of UNCTAD's macroeconomic and development policies branch, for more from the report on how we can adjust our thinking, investments and actions to best support inclusive development.

The Weekly Tradecast talks to Richard Baldwin – professor at IMD Business School and an expert on globalization – for his insights on the big economic shifts from manufacturing to services and what they mean for developing countries. Services have proven to be resilient to crises in recent years and are growing rapidly — offering opportunities to developing countries for growth in jobs, incomes, investment and trade. Tune in for more on these big shifts from Richard Baldwin, who the Financial Times calls "one of the most important thinkers in this era of global disruption".

The Weekly Tradecast looks at why trade, smart diversification and wider investment in development hold the keys to a more stable and sustainable future with special guest Célestin Monga, who teaches public policy at Harvard University. In June, we marked the 60th birthday of UN Trade and Development with the Global Leaders Forum. With a cascade of crises hitting the global economy, government leaders, top economists and other experts convened in Geneva to chart a new course for development in a changing world. For a deeper look from the forum, tune in to special guest economist, author and former World Bank official Célestin Monga.