By Chakravarthi Raghavan* | IDN-InDepth NewsAnalysis
GENEVA (IDN | SUNS) – As trade ambassadors in Geneva, having packed their bags are wending their way across half-the-world, and trade ministers from around the globe, gather in Bali for the biennial Ministerial Conference of the WTO from December 3 to 6, the multilateral trading system is once again trying to prove the ‘uncertainty’ principle of quantum theory in physics.
By Chakravarthi Raghavan* | IDN-InDepth NewsAnalysis | SUNS
A controversial package consisting of agreements on trade facilitation, agriculture and development issues is on the anvil in run-up to the Ninth Ministerial Conference of the World Trade Organization (WTO) to be held from December 3 to 6, 2013 in Bali, Indonesia. One of the contentious proposals pleads for a take-it-or-leave it “political decision”. The writer walks through a labyrinth of agendas, negotiations and deadlocks, laying bare all sorts of traps into which developing countries with little political clout tend to fall rather inadvertently.
By Martin Khor* | IDN-InDepth NewsAnalysis
GENEVA (IDN) – Negotiations for the Trans Pacific Partnership Agreement (TPPA) have been proceeding at full speed in recent months, giving rise to a lot of interest worldwide. The stated goal is to conclude the negotiations by the end of 2013. However there is only a slim prospect for this, as there are still many contentious issues to resolve.
By Martin Khor* | IDN-InDepth NewsAnalysis
GENEVA (IDN) – The world waited with bated breath as the deadline neared. And breathed a sigh of relief when at the last minute the United States avoided crossing its “debt ceiling” and a default on its debts.
The debt ceiling was raised, and the government shutdown also ended, after weeks of a high-profile standoff between U.S. President Barrack Obama and the Republicans in Congress. But this relief was mixed with incredulity and frustration.
Firstly, the respite is only temporary; the can is just kicked down the road. The deadlines for government shutdown and debt ceiling are shifted some weeks away to January and February 2014.
By J C Suresh | IDN-InDepth NewsAnalysis
TORONTO (IDN) – A new report has highlighted the importance of funds remitted home by migrants, which are now nearly three times the size of official development assistance given by rich developed nations and larger than private debt and portfolio equity flows to developing countries. They exceed the foreign exchange reserves in at least 15 developing countries, and are equivalent to least half of the level of reserves in over 50 developing countries, says the latest issue of the World Bank’s Migration and Development Brief.
Five years have passed since the Lehman Brothers collapse triggered U.S. and global financial crisis with grave consequences. But effective financial regulations are not yet in sight in developed countries. At the same time, the developing countries are confronted with huge new challenges.
By Martin Khor* | IDN-InDepth NewsViewpoint
GENEVA (IDN) – Lehman was the tip of the iceberg. Below the surface were many contributory elements. They include financial deregulation, the conversion of finance from serving the real economy to a beast that thrived on speculation, creaming layers off the productive sectors and unsuspecting consumers through new manipulative instruments.
By J C Suresh | IDN-InDepth NewsAnalysis
TORONTO (IDN) – Though the world is increasingly intertwined, the U.S. plays a unique role in the global economy, accounting for 11 percent of global trade and 20 percent of global manufacturing. The country’s global financial ties also run deep. Foreign banks hold about $5.5 trillion of U.S. assets, and U.S. banks hold $3 trillion of foreign assets.
While these interconnections have great benefits for the United States, they are not without risks, IMF Managing Director Christine Lagarde has warned, referring to the collapse of Lehman Brothers five years ago that ushered in “a harsh new reality” across sectors, countries, and the world.
By R. Nstranis
IDN-InDepth NewsAnalysis
BERLIN (IDN) – ‘There is no alternative but to cut public spending and development aid’ has become a much repeated mantra for governments in the rich countries. But investigations reveal that there is a huge lot of hidden ‘private’ money that could put an end to extreme global poverty.
By R. Nastranis | IDN-InDepth NewsAnalysis
BERLIN (IDN) – Economic austerity is spreading its tentacles to rich and poor countries around the world threatening to impact 5.8 billion citizens this year, and 6.3 billion or 90 percent of global population by 2015, warns a new report and calls for a Global New Deal to stave off the menacing situation.
A Global New Deal involves public investments to boost employment, catalyse sustainable development, improve living standards, reduce inequalities and promote political stability, says the report, titled ‘The Age of Austerity – A Review of Public Expenditures and Adjustment Measures in 181 Countries’.
By R. Nastranis and Kinda Mohamadieh*
IDN-InDepth NewsAnalysis
GENEVA (IDN) – Uncertainty clouds the fate of the current round of global trade negotiations under the umbrella of the World Trade Organization (WTO), which commenced in November 2011 and have been stalled since July 2008. All eyes are now set on the ninth ministerial conference (MC9) to be held on the Indonesian island of Bali December 3-6, 2013.
The reason behind the impasse, according to Dr Rubens Ricupero, a former UNCTAD Secretary-General, is that the advanced economies are retracting on their promises given at the WTO’s Fourth Ministerial Conference in Doha, Qatar, in November 2001.
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