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EU Presidency Statement - Explanation of Position: Remittances

Sommaire: EU Presidency Statement - Explanation of Position: Remittances (16 December 2005: New York)

EU Explanation of Position by the United Kingdom Mission to the United Nations, on behalf of the European Union, on United Nations General Assembly 60th Session, Second Committee Item 54: Remittances, New York

Mr. Chairman,

The European Union endorses the present draft resolution. We believe, a debate on how to increase the development impact of remittance transfers in recipient countries should also be launched in the United Nations. As stated in the Monterrey Consensus, it is important to reduce the transfer costs of migrant workes´remittances and create opportunities for development-oriented investment. Like foreign direct investments, remittances are private capital transfers and are therefore by definition not subject to any government development planning. Taken together, facilitation, reduction of transfer costs, inclusiveness of financial sectors and provision of investment opportunities can increase the macroeconomic gains in the recipient countries. The recent report on "Global Economic Prospects" of the World Bank as well as the recent report of DESA "World Economic Survey" have provided ample evidence of the development dimension of remittances. As we concluded in the resolution 58/208, the remittances are "one of the major sources of foreign exchange in many countries that can make an important contribution to development potential."

In this regard, the European Union would like to underline that the EU can agree with the text itself. We hope that, on that basis, we will be able to further develop our common understanding during the next session of the General Assembly. We are firmly convinced that the future discussions on remittances should address, among other elements,

Measures and factors to reduce costs, where the EU believes that the promotion of competition should be analysed.

Strengthening of the existing national systems of remittance data collection.
We are looking forward to address those equally important aspects in the future and in particular at the High Level Dialogue on Migration and Development which will take place next September in view of a holistic approach to the multiple dimensions of migration.

Thank you.

  • Ref: PRES05-372EN
  • Source UE: Présidence UE
  • UN forum: Deuxième Commission (Affaires économiques et financières, environnement)
  • Date: 16/12/2005


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