A/HRC/54/67 45. Benjamin Fields of the Black Economists Network spoke about the high fees and charges associated with remittances. Additionally, there were often limited options for sending money to certain countries or regions, which could make it difficult for people to support their loved ones or invest in businesses or other opportunities. 46. Senior adviser to the Institute on Race, Power and Political Economy, Amara C. Enyia, pointed out that poverty alleviation was insufficient and that a new economic system and structures must be created to afford people and States their full rights. She called for a human rights economy that prioritized investment in economic, social and cultural rights. That would require a reframing of the economy and new benchmarks for what constituted a healthy economy. The speaker proposed moving towards economic sovereignty, control of the currency and ending cycles of debt and aid, and called for assessment and adoption of interventions reflecting local values, such as the Botswana sovereign wealth fund. She stressed the importance of African participation in global economic formations and new institutions to put the values of those most impacted at the centre. 47. Fernanda Hopenhaym, Chair of the Working Group on the issue of human rights and transnational corporations and other business enterprises, referred to her efforts in working to incorporate an anti-racism approach into the agenda of the Working Group on business and human rights since joining in November 2021. She noted that the Guiding Principles on Business and Human Rights did not inherently incorporate an intersectional perspective, however the three pillars of the Guiding Principles, the obligations of States to protect human rights, the responsibility of companies to respect human rights and the responsibility to remedy harm, provided useful tools for promoting human rights in business activities. 48. During the discussion, the Chair of the Working Group raised concerns not only about the exploitation of Black bodies, but also the exploitation of Black intellectual property, such as patents and copyrights. Many people of African descent were not patenting or copyrighting their work and were self-publishing instead. That was a critical issue for preventing the continued exploitation of their intellectual property. 49. Ms. D’Costa, noted that the use of terms like Global South and Global North could sometimes perpetuate colonial power dynamics and reinforce stereotypes. She highlighted the importance of being aware of these dynamics in order to strive for more nuanced and respectful language that would not perpetuate those inequalities. Reconceptualizing those terms could be a helpful step in that direction. 50. The representative of the United States said that the Government was investing in rural and urban communities to mitigate economic displacement, expand access to capital, preserve housing affordability, counter discrimination in the housing market, build community wealth and promote equity and health. 51. The representative of South Africa noted that colonialism started with trade by companies such as the British East India Company, which led to fully-fledged colonialism. Many parts of the developing world, including Africa, still had transnational companies operating without being held accountable for human rights violations. 52. The Chair of the Committee on Economic, Social and Cultural Rights, Mohamed Abdel-Moneim, noted that the economic empowerment of people of African descent was seen as a way to address the disproportionate inequalities they faced and contribute to inclusive growth. 53. The fifth panel, on the theme of “Education and enterprise: black agency and achievements”, was chaired by Ms. D’Costa. The Master of Jesus College, Cambridge University, Sonita Alleyne, noted the role of education in unlocking opportunities for a brighter future. She highlighted the lack of representation of academics and students of African descent at Cambridge University. She emphasized the need for increasing representation and providing support to financially disadvantaged students; diversifying faculties, inviting successful black entrepreneurs to share their experiences and fostering aspiration and agency among young people; and increased resources and funding to support black entrepreneurs, addressing pay gaps and promoting equality through mandatory reporting on ethnicity pay gaps. 10 GE.23-12890