Push for better terms of trade to drive growth

The curtain came down on the United Nations Conference on Trade and Development (UNCTAD) in Nairobi yesterday after rounds of negotiations and discussions on international commerce. Kenya hosted the week-long 14th session of the summit where some 7,000 delegates deliberated on issues affecting global trade. The prestige associated with hosting the conference cannot be understated given that the last time Kenya hosted a similar conference was in 1976.

However, amid the rhetoric generated at the Nairobi conference this week, Africa lost its bid to have the UNCTAD come up with tough rules to rein in multi-nationals evading or avoiding tax. African nations wanted the large corporations to be held to account for illicit financial flows under global rules, but there was strong resistance by the wealthier nations.