Delivered by: Sarah Al-Awadhi, First Secretary

Thank you, Madam President.

The United Arab Emirates welcomes this timely discussion on global commodities and their implications for international economic stability and sustainable development.

At the outset, the United Arab Emirates aligns itself with the statement delivered by Uruguay and the Kingdom of Bahrain, and wishes to add the following remarks in its national capacity.

Today’s commodity markets are facing unprecedented pressures driven by geopolitical tensions, supply chain disruptions, inflationary trends, and the accelerating impacts of climate change. These developments only underscore the interconnected nature of energy security, food security, and global economic resilience, with disproportionate consequences for developing countries and their populations.

In our region, Iran’s unlawful actions and threats, including aimed at closing the Strait of Hormuz, demonstrate how quickly such egregious behaviour can generate global economic consequences. As one of the world’s most strategic maritime corridors, the Strait remains essential for the flow of energy supplies, as well as for the movement of critical commodities, including agricultural inputs that are indispensable to global food security and agricultural production.

Iran’s unlawful closure of the Strait – in violation of international law, particularly the right to lawful transit passage – has resulted in increased transportation and insurance costs, strained supply chains, and contributed to heightened commodity price volatility. Nitrogen fertilizer prices in particular have risen sharply, surging by as much as 80%, placing additional pressure on food systems and exacerbating challenges faced by countries already confronting food insecurity. It is our collective responsibility to safeguard the stability of the global economy, and we must work together to find innovative ways to drive diversification and enhance our resilience.

International waterways that support the global economy cannot be held hostage by one State. The UAE therefore stresses the importance of safeguarding maritime security, ensuring freedom of navigation, and maintaining open, predictable, and resilient supply chains in accordance with international law and relevant Security Council resolutions, particularly resolutions 552 and 2817, respectively. We also underscore the need for enhanced international cooperation to support developing countries in managing price shocks, strengthening resilience, and advancing sustainable and inclusive development amid evolving global market conditions.

Thank you.