EU and OACPS reaffirm commitment to Global Sustainable Development for the FfD4

Global financing needs In the joint statement, both parties emphasised the urgent need to close the global financing gap for achieving the SDGs through the effective use of all sources of financing—public and private, domestic and international. They stressed the importance of multilateralism, the rules-based international order, and a stable, fair, secure, inclusive, transparent and predictable global trading system, particularly in light of the current fragmented and uncertain geopolitical climate. Recognising the European Union’s longstanding leadership in development cooperation—as the world’s largest provider of Official Development Assistance (ODA)—the statement called for increased efforts to meet international ODA targets. It also emphasised the importance of mobilising private finance and using innovative financing instruments, such as green and blue bonds and public-private investment funds, as well as remittances and diaspora investment. Samoa Agreement The OACPS and EU underscored the relevance of the Samoa Agreement as the basis for their political partnership, founded on a shared commitment to multilateralism and to contribute to achieving the 2030 Agenda for Sustainable Development and the Paris Agreement on Climate Change. Future and ongoing reforms The parties reiterated the need for more effective, inclusive, coherent and efficient cooperation. They also advocated for the inclusion of new metrics such as the OACPS Multidimensional Vulnerability and...