UNCTAD delegates to tackle illicit trade flow

UNCTAD delegates to tackle illicit trade flow

Developing countries will be seeking to reverse years if illicit financial flows as they meet global leader at the 14th session of the United Nations Conference on Trade and Development (UNCTAD).

This comes as the rise in global commodity prices continue to heap pressure on developing countries.

According to UNCTAD Secretary General Dr Mukhisa Kituyi, most developing countries are losing close to three quarter of their export value due to inaccurate invoicing of exports.

The inaccurate invoicing has been blamed for poor foreign exchange earnings as well as income developing countries receive.

“These are some of things that are of concrete importance to the developing world but have to be enforced globally because on your own developing countries won’t be able to go far,” Dr Kituyi said

Africa is a major exporter of raw materials such as gold, oil and cocoa used in the global manufacture of goods.

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