On 27 September 2024, Ms. Rujikorn Saengchantr, Acting Director-General of the Department of International Economic Affairs, was assigned to attend the 48th Ministerial Meeting for Foreign Ministers of the Group of 77 (G77) and China on the sidelines of the 79th session of the United Nations General Assembly (UNGA79) in New York.

The meeting adopted 2 outcome documents, namely the 2024 Ministerial Declaration and the Ministerial Declaration on the Occasion of the 60th Anniversary of the Group of 77. The meeting also discussed at length and exchanged views on addressing the financing gaps for development, which remains a main obstacle towards the achievement of the 2030 Agenda for Sustainable Development and climate goals. The meeting called for: (1) a reform of the International Financial Architecture (IFA) so that it becomes more transparent, inclusive, and equitable; (2) developing countries to have more voice and representation in the decision-making and norm-setting of international financial institutions; (3) greater access to concessional finance for developing countries; and (4) debt restructuring and debt swaps for development. The meeting also reaffirmed its commitment towards a bold and ambitious outcome for the upcoming Fourth International Conference on Financing for Development (FfD4) next year and as well as COP29, with the aim of safeguarding the collective interests of the Global South.

In this connection, Thailand has reiterated the need for innovative financing mechanisms to attract investments from diversified sources, referring to Thailand’s issuance of Sustainable-linked Bonds (SLBs) which was able to attract 12.5 billion USD worth of FDI. This significantly promoted green investment and expanded the green bond market, and boosted trade and investment and economic growth.

G77 is the biggest negotiating bloc in the United Nations, established in 1964 at the first session of United Nations Commission on Trade and Development (UNCTAD) in Geneva, with Thailand being one of the 77 founding members. Today, G77 consists of 134 members from Asia-Pacific, Latin America, and Africa, accounting for more than half of the whole UN membership, and representing over 60% of the global population. G77 has an important role in advancing and safeguarding the collective interests of developing countries in the negotiations of important global outcome documents, particularly on macroeconomic and development issues.