Building a Sustainable Future for Trade: A Multi-Dimensional Assessment of VSS in Global Sustainability Governance and Due Diligence for Developing Countries

[Private meeting, by invitation only]

The United Nations Forum on Sustainability Standards (UNFSS) is a forum of 6 UN agencies- ITC, FAO, UNEP, UNIDO, UNCTAD and UNECE. Through the UNFSS, we aim to build transparency and knowledge on sustainability standards, their interactions with trade, and implications for developing countries.

The UNFSS has established the Academic Advisory Council (AAC), designed to pursue the scientific objective of understanding the effectiveness of voluntary sustainability standards (VSS) and the determinants of such effectiveness.

Currently, different disciplines approach questions related to the effectiveness of VSS from different theoretical perspectives and focus on different dimensions of effectiveness. The AAC’s objective is to bring these different perspectives into one overarching network on the effectiveness of VSS, thus contributing to a comprehensive understanding of VSS effectiveness.

The UNFSS AAC meeting in 2023 will focus on exploring the synergies between due diligence and voluntary sustainability standards (VSS) within the context of global sustainability governance.

Through a multi-dimensional assessment, the discussion will delve into the potential of these approaches in driving sustainable trade. To achieve sustainable and inclusive growth, it is vital that sustainable business practices are adopted throughout GVCs. Companies are increasingly placing VSS at the centre of the sustainability approaches governing their GVCs. Furthermore, as regulatory initiatives are adopted, and due diligence becomes a top priority, discussions are now focused on the implementation of due diligence requirements.

The meeting will be held back-to-back with the World Trade Forum, which is also at the European University Institute, from 12^th to 13^th October.