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The Monterrey Consensus recognized international trade as an engine for development, and committed Member States to place the needs and interests of developing countries at the heart of multilateral trade negotiations. Since Monterrey, the share of developing countries’ exports in the value of total world exports has increased. But progress has been uneven. Global trade grows at a much slower pace than before the international financial and economic crisis. The extent to which export-led growth models offer the same development prospects as before the crisis has come into question. Moreover, progress in global negotiations on strengthening international trade rules has been slow. As a result, bilateral, regional and interregional free trade and investment agreements proliferate. Developing countries find it increasingly difficult to navigate a highly fragmented international investment regime.

Science, technology and innovation (STI) are of pivotal importance in addressing sustainable development challenges. Technological innovation is at the heart of sustainable development, and building technological capacities can help developing countries catch up with developed countries. There have been major advances in this area, for example in the area of information and communication technologies (ICTs). At the same time, a technology gap persists. Addressing these gaps will require additional policy actions – both national and international – in the areas of financing for technology, capacity building and technology transfer.