Developing countries are well-positioned to drive sustainable development through green trade, according to a new report released by United Nations Environment Program (UNEP) Wednesday.

The report, named "Green Economy and Trade: Trends, Challenges and Opportunities," recognized the importance of global trade as an engine for development and sustained economic growth, and reviewed how the transition to a greener economy can offer sustainable trade opportunities for developing countries with case studies.

Trade, vital for the global economy, takes roughly 30 percent of world gross domestic product (GDP) nowadays, while world trade patterns showed that exports of developing countries, particularly the least developed countries, still depended heavily on natural resource-based products and raw materials, according to the report.

"Transitioning to a green economy can facilitate new trade opportunities, which in turn will help to make global trade more sustainable," said Achim Steiner, UN Under-Secretary-General and UNEP Executive Director, in a statement.

"At the same time, trade in environmental goods and services is clearly an area where many developing countries have a competitive advantage. With the right policies and price regimes in place, developing countries are well-positioned to help drive the global transition to a more sustainable economy," said Steiner.

The report identified five areas where public and private actions can support developing countries' efforts to tap into greener international markets, including public investments, market-based instruments, regulatory frameworks, resource and energy-efficient production methods. Endi

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