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

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Note: This meeting is by-invitation only, which will be held within the premises of the World Trade Forum (13-14 October 2023). Participation in this meeting does not guarantee a spot in the World Trade Forum. To register for the World Trade Forum, please visit: World Trade Forum | WTI. 

The UNFSS Academic Advisory Council (AAC) annual meeting brings together an international mix of academic and policy experts from various disciplines and backgrounds to consolidate the knowledge on Voluntary Sustainability Standards (VSS) and contribute 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 voluntary sustainability standards (VSS) at the centre of the sustainability approaches governing their GVCs. VSS prescribe a set of social, economic and/or environmental requirements that economic actors can voluntarily comply with in order to make their production and processing practices more sustainable. VSS have been proliferating over the past few decades and have emerged as important tools to address sustainability challenges such as biodiversity loss, climate change, pollution and human rights violations.

As regulatory initiatives are adopted, and due diligence becomes a top priority, discussions are now focused on the implementation of due diligence requirements. These discussions are raising concerns about the potential role of VSS in these developments and the impact these initiatives will have on developing countries.

These debates center around various aspects of VSS in global sustainability governance and raise numerous questions on the role of these instruments in advancing sustainable trade. The AAC meeting will address these concerns and assess the interplay of VSS and Due Diligence under the realm of global sustainability governance and consequent impacts on developing countries and sustainable trade at large.

This will be discussed through 3 sessions that include a mix of academics, practitioners, and policymakers to share scientific evidence and policy considerations on VSS as tools to promote sustainable development.