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PP for trade
 

PP for trade

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PP for trade PP for trade Presentation Transcript

  • The WTO: Helping or Hindering Least Developed Countries Gayle Felbain
  • Trade has been a powerful engine of growth in the last 50 years. Trade has contributed to lifting millions out of poverty. Open trade is touted as a means for countries to develop and prosper economically.
  • The WTO System created to promote a more open, fluid global trade structure. entrusted with the authority to dictate measures for its Members to open their markets to trade. uphold itself as an equitable system aspiring to bring prosperity to all nations.
  • WTO unfair rules and regulations Trade liberalization has for LDCs contributed to further marginalization of the LDCs receiving fewer LDCs. benefits of globalization but are exposed to LDCs cannot afford to be proportionately more of the outside the WTO-too small, costs and risks. not enough leverage.
  • In 2007, 49 countries listed as LDCs 33 in Africa, 15 in Asia, 1 in Latin America In the late 1960s, the United Nations began paying special attention to LDCs and introduced LDC category to refer to the poorest countries. In 2000, UN created 3 criteria for determining LDC status based on GDP per capita, quality of life, and GDP shares of agriculture, manufacturing, exports, and other economic indicators.
  • Global prosperity has bypassed more than one tenth of the world population who live in the poorest countries. LDCs continue to be marginalized in the global trade world despite commitments and some efforts to change this situation within the WTO and it Members.
  • The pace of marginalization of the LDCs has been increasing in the globalizing world economy especially since the 1980s while unprecedented levels of growth and benefits for developed countries, especially the US, EU, and Japan.
  • Why has this commitment for prosperity for all not occurred? Has the WTO failed to bring about a shift in global consciousness through trade to enhance economic development and well being for all?
  • Income gaps between rich and poor nations on the rise since the 2nd wave of globalization in the 1950s and have widened further since the 1980s and have never been wider than today. 30 to 1 in 1960 60 to 1 in 1990 74 to 1 in 1997
  • GATT/WTO GATT: objective to raise standard of living across the globe. Did not contain special provisions for LDCs. Uruguay Round: more consideration of LDCs, however still marginalized. LDCs acted out of fear and coerced into signing agreements not understood. Doha has sought to coalesce trade issues with development and poverty alleviation.
  • Each Round since Uruguay has expressed a commitment to a more equitable system and implementing certain rules ( duty free access, expanding market access for LDC goods, particularly textiles and agriculture) to support LDCs.
  • Doha Round simplest way to benefit the developing countries more advantageous to LDC growth should give more attention to LDCs concerns and need
  • OECD estimates: nearly $100 billion gain in terms of increased economic activity. $500 billion in trade in services. Another $100 billion by taking away procedural barriers. Developing countries projected to reap two thirds of these gains.
  • AGRICULTURE predominant economic activity of LDCs 70% of populations live in rural areas 97% engaged in agriculture This area has the greatest initial potential for economic development in LDCs yet has experienced the most protracted, prolonged, and deliberate trade protections in developed world.
  • The greatest challenge in current globalization is to devise schemes or programs that successfully integrate the LDCs into the global economic system
  • Time for developed countries to show leadership and start implementing sound economic policies. Will take bold, enlightened leaders in developed and developing countries. A willingness of developed countries to assist LDCs.