4th Trade Policy Dialogue: Welcoming the International Year on Creative Economy for Sustainable Development

Creative Economy for Inclusive Development and Global Recovery

The Creative Economy makes a significant contribution to the gross domestic product (GDP) and the development of many countries and helps to foster inclusive participation. It also creates new economic opportunities especially for Small and Medium Sized Enterprises (SMEs). Therefore, it has an important role in helping to attain the Sustainable Development Goals (SDGs).

Whereas some countries have taken advantage of the creative economy’s potential to provide new sources of growth, many others, especially the Least developed countries (LDCs), have yet to do so. Realizing the economic potential of creative industries requires both a better understanding of the workings of these increasingly global industries and more innovative policy approaches with respect to the production, distribution of creative goods and services and intellectual property frameworks to spur innovation and sustainable economic growth.

The UN resolution 74/198 on International Year on Creative Economy for Sustainable Development 2021, adopted in December 2019 by consensus, encourages all parties to acknowledge the potential contribution of creative economy sectors to achievement of the sustainable development goals. 2021 marks the right moment for all stakeholders, including governments, private sectors, civil society, international organizations, academics, and cultural and creative entities to work together, exchange knowledge and experiences, build networks, and scale up collaboration.

The prolonged COVID-19 pandemic has affected all aspects of life and posed challenges to countries all over the world. Faced with this unprecedented situation, creative entrepreneurs are attempting to enhance their access to and build capacity in the digital economy. Due to the extensive use of digital platforms in daily life during this time of pandemic, some governments have provided assistance to their creative economy sectors to enable them to integrate themselves into the digital ecosystem.

With this in mind, the meeting will aim to enhance understanding of the potential role of creative industries to improve the resilience of the creative economy and rise up to the on-going challenges, so that the creative industries can contribute to attainment of the SDGs and inclusive global economic recovery through, inter alia, making the best use of digital platforms.

UNCTAD trade policy dialogues provide a forum for candid discussion on topical issues in international trade policy from a development perspective.This session, organized in partnership with Indonesia and Oman, serves as an opportunity to exchange views on the policies and strategies implemented by governments in respect of the creative economy to achieve the objective of tackling the hardships of the pandemic and of building resilience for the future challenges.