The EU and the Organisation of African, Caribbean and Pacific States (OACPS) have issued a joint statement reaffirming their commitment to the United Nations 2030 Agenda and its Sustainable Development Goals (SDGs) for the 4th UN Conference on Financing for Development (FfD4).
The parties have called for a renewed and ambitious global financing framework to accelerate progress towards sustainable development in a statement approved today by the Council of the EU.
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 Resilience Index (OMVRI) to better reflect countries’ development realities beyond GDP. Debt management, domestic revenue mobilisation, and combating illicit financial flows were highlighted as critical areas for coordinated action. The joint statement expressed support for the ongoing reforms of the global financial architecture, including efforts to strengthen the role of developing countries within multilateral development banks and other international economic and financial institutions.
The parties welcomed the progress made in the channelling of Special Drawing Rights (SDRs) to vulnerable countries—led in large part by the EU and its Member States. They recognise the support provided through the EU’s Global Gateway initiative and the Team Europe approach to sustainable investment across key sectors such as energy, digital infrastructure, health, education, and transport.
The OACPS and the EU reaffirmed their commitment to fostering quality investment conditions, enhancing partnership dialogue, and promoting trade and investment agreements, standardisation and regulatory cooperation. They concluded by expressing their shared determination to continue working together to mobilise financing and deliver the SDGs by 2030.
Background
On 15 November 2023, the EU and its member states signed the Samoa Agreement which serves as an overarching legal framework for their relations for the next twenty years. It has been provisionally applied since 1 January 2024. The agreement covers a wide range of subjects such as sustainable development and growth, human rights and peace and security, as well as enhanced OACPS-EU cooperation in international fora
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