By Pattama Vilailert VIENTIANE, Laos. 28 June 2023 (IDN) — It was at the height of the Thai Economic Crisis in 1997 that the term “sufficiency economics” came into prominence when the late King of Thailand Bhumibol Adulyadej told his people that rather than building factories to become another Asian Tiger, the important thing for […]
Development Agenda Crucial for Nairobi Global Trade Conference
By Dr. Patrick Gomes, ACP Seretary-General | IDN-InDepthNews VIewpoint
BRUSSELS (IDN) – The year 2015 has witnessed a number of global events so important to development, namely; the Financing for Development Conference that took place in Addis Ababa from July 13 to16, 2015, the United Nations Sustainable Development Summit in New York that took place from the September 25 to 27, 2015, the United Nations Climate Change Conference (COP21) scheduled to take place in Paris from the November 30 to December 11, 2015 and the World Trade Organization Tenth Ministerial Conference (MC10) scheduled for the December 15 to 18, 2015 in Nairobi Kenya.
This is the first time that a WTO Ministerial Conference will be held on the continent of Africa and in an ACP Country, therefore I have no doubt that we are all equally enthused by this fact. Some reports from Geneva on developments in the negotiations at the WTO might damper our enthusiasm.
Agreement on issues of particular interest to the ACP Group, especially the development aspect, remains elusive. We have learnt of sentiments from some WTO Members that suggest that it is now time to fold the Doha Development Round (DDA) and close shop because of this lack of agreement on the issues under negotiation.
ACP Group Faces Tough Challenges at Global Trade Conference in Nairobi
By Ronald Joshua | IDN-InDepthNews Analysis
BERLIN | BRUSSELS (IDN) – The Tenth Ministerial Conference of the World Trade Organization (WTO), to be held in Kenya’s capital Nairobi from December 15-18 will not only be “a milestone in terms of the future of the organization”, but also a challenge to the African, Caribbean and Pacific (ACP) Group of States.
ACP Ministers Convene to Adopt Strategy for Global Trade Meet in Kenya
By INPS* | IDN-InDepthNews Report
BRUSSELS (IDN) – African, Caribbean and Pacific (ACP) countries’ trade ministers will gather in Brussels on October 19 for a strategic two-day meeting to prepare for the Tenth Ministerial Conference of the World Trade Organization (WTO), to be held in Nairobi, Kenya from December 15-18.
According to the ACP Secretariat, the meeting would discuss ACP strategy and adopt a Declaration on the WTO ministerial conference in Nairobi. Key issues of concern for the ACP Group include those related to development, agriculture, Non-Agricultural Goods Market Access (NAMA), and appropriate provisions for Least Developed Countries (LDCs) and Small and Vulnerable Economies (SVEs).
Uruguay Pulls Out of ‘Secret’ Talks on Trade in Services
By Roberto Bissio* | IDN-InDepthNews Analysis
MONTEVIDEO (IDN | SUNS) – Just a week before the deadline for submitting national offers on liberalisation of services sectors under the on-going “secret” talks for a Trade in Services Agreement (TiSA), Uruguayan President Tabare Vazquez decided on September 7 to abandon the plurilateral negotiations.
Good News For Oil-Importing Developing Countries
J C Suresh with UN News | IDN-InDepth NewsAnalysis
TORONTO (IDN) – Decline in oil prices, a stronger U.S. economy, and continued low global interest rates will help fuel the growth of the world economy in 2015, says a new study issued by the World Bank Group on January 13.
The Global Economic Prospects report, published every two years, predicts a global economic expansion of 3 per cent for 2015, 3.3 per cent for 2016, and 3.2 per cent in 2017 – a boost following last year’s disappointing 2.6 per cent growth.
China’s Asian Bank May Herald A New World Order
By Kalinga Seneviratne* | IDN-InDepth NewsAnalysis
SINGAPORE (IDN) – Since the 2008 economic meltdown, Europeans and the Americans have been asking the Chinese to contribute more to the Bretton Woods institutions. The Chinese, on the other hand, have been demanding reforms to the hegemonic system of management and voting rights in these institutions that favour the Americans and the Europeans. Both appeals have mainly landed on deaf ears.
Crises Swamping Developing Economies
By Martin Khor* | IDN-InDepth NewsAnalysis
GENEVA (IDN) – Several developing countries are now being engulfed in new economic crises as their currency and stock markets are experiencing sharp falls, and the end is not yet in sight. The “sell-off” in emerging economies has also spilled over to the American and European stock markets, thus causing global turmoil.
Countries whose currencies were affected of late include Argentina, Turkey, Russia, Brazil and Chile. A hike in interest rates by Turkey and South Africa has so far failed to stem the depreciation of their currencies. An America market analyst termed it “emerging market flu” and several global media reports tend to focus on weaknesses in individual developing countries.
World Economy Growth Remains Interdependent
By J C Suresh | IDN-InDepth NewsAnalysis
TORONTO (IDN) – A new report has underlined the interdependence of the world economy, which is expected to strengthen in 2014 with growth picking up in developing countries and high-income economies appearing to be finally turning the corner five years after the global financial crisis.
According to the World Bank’s Global Economic Prospects (GEP) report, the firming of growth in developing countries is being boosted by an acceleration in high-income countries and continued strong growth in China. However, growth prospects remain vulnerable to headwinds from rising global interest rates and potential volatility in capital flows, as the United States Federal Reserve Bank begins withdrawing its massive monetary stimulus.
Uncertainty Haunts World Economy In 2014
By David Dapice* | IDN-InDepth NewsAnalysis
MEDFORD (IDN |Yale Global) – As the year that saw the world’s strongest economy brought to the precipice of a default comes to a close, and many wonder if 2014 promises more stability? Judging by most forecasts, including that of the International Monetary Fund, the global economy may grow about 3.5 percent, but confidence in that forecast is subject to more than usual hedging due to several policy unknowns and uncertainties.
As unemployment in the developed world remains steady and growth in the emerging economies dependent on lackluster performance of the industrialized economies, a question mark hangs over economic prospects worldwide.