INSTABILITY OF TRADE decline EFFECTS OF GLOBAL CRISIS FOR LEAST DEVELOPED COUNTRIES The global economy continues to slow down, all the efforts to fight poverty. Its concern about the energy crisis, particularly fuel prices, imbalances in the world economy, rising protectionism in trade, environmental degradation and the adverse impact of climate change & needs combination of policy options to combat challenges from the economic, social and environmental perspectives. The urgent need to restore in country’s economy to build a more inclusive and sustainable pattern of growth as underlined by the growing social unrest in both developing and developed countries lead the way for the trade and development & get initiate for the several policies and measures on how to achieve this in the current economic context. Aim to improve livelihoods and good governance and to ensure a well-educated society. Despite unfulfilled promises to developing countries, the international community must adopt a positive attitude towards development financing because development would stimulate demand and promote the exchange of goods, services and factors of production also stresses the crucial role of science and technology to achieve the goal as well as other internationally agreement targets, urging the diffusion of appropriate technology to expedite attainment of the Goals in developing countries. The external imbalances of the major economies are narrow substantially during the world economic and financial crisis. The important components of global economic imbalances are unprecedented accumulation of foreign reserves by a number of developing-world central banks, in part as protection against future crises. Adverse imbalances in international trade are exacerbating the impacts of the global economic and financial crisis, especially for developing countries, it’s also lack of political will to eliminate protectionist measures is negative impact on trade and growth. International trade is vital tool for long-term sustainable growth, emphasizing that developing countries should secure from protectionist barriers, especially agricultural subsidies, and calling for the extension of trade-related technical and capacity building assistance to them. We need for vigilance against rising protectionist measures, pointing out that least developing countries already struggling to stay afloat in the increasingly volatile global economy. Although the international consensus around the imperative of ensuring development centre globalization, the international trading system a crossroads. The least developed countries in particular are deeply concerned that the specific package related to their situation including duty and quota free market access in the rules of origin, specific outcomes for trade-related aspects of cotton, a service waiver and accessions. The non-tariff measures, eliminates arbitrary or non-justified trade barriers to facilitate and accelerate negotiations with acceding least developed countries, and to define and agree on the details of a monitoring procedure for duty and quota-free market access and rules of origin. The Aid for Trade and to help strengthen the capacity of least developed countries to access available resources, in support of the needs and demands expressed in their national development strategies. Trade and development should serve as the focal point for the integrated treatment of trade and development major achievements against the backdrop of continual threats to sustained recovery, the ongoing fragility of the world economy, rising income inequality, widespread unemployment. The recent slowdown in major growth poles in the developing world, as well as the euro zone crisis, persistent unemployment and rising inequality and polarization are clouding short-term trade prospects. It also notes that longer-term challenges arose as the realities of the twenty-first century altered the way in which trade is conducted. The international trading system faces the important challenge of identify to negotiate to enhance the effectiveness. The persistent development challenges point to the continuing necessity of supporting efforts by developing countries to build productive capacities and employment. It reviews recent trends in international official and private capital flows to developing countries, as well as current efforts to strengthen the international financial architecture. Its highlights ongoing challenges arising from the world financial and economic crisis and its aftermath, particularly in the key areas of financial regulation, multilateral surveillance, policy coordination, sovereign debt, the global financial safety net, the management of capital flows, and governance reform the institutions. Reviewed recent developments relating to the external debt of developing countries, with a special focus on the role of credit rating agencies and problems relating to the design of mechanisms for dealing with sovereign debt restructuring. It concludes that while costly crises are sometimes driven by exogenous shocks, they may also be caused by irresponsible behavior on the part of both lenders and borrowers. Prudent behavior can thus limit the cost and prevalence of debt crises. The middle income countries as a driving and stabilizing force in the global economy, any regression in their economies would likely be detrimental to all. States governments harnessing the financial and operational efficiencies of the private sector through private public partnerships to stimulate productivity create employment and satisfy the infrastructural needs of the population, particularly those living in rural areas to enhance the financing for development follow-up process in order to improve efforts to mobilize resources through traditional as well as non-traditional means. The financial institutions to make more just and fair to least develop countries to concrete efforts to establish a new international order aiming at ensuring fairness balance trade, country emerging from conflict, to developing countries and those in post-conflict situations with a view to helping relieve their debt and contributing to their GDP so they could achieve sustainable development. We want on to note that the sovereign debt crisis in the euro-zone has not shown much sign of dissipating. Since Europe was among the major export destinations and major sources of financial flows and tourism, the escalation of the crisis could significantly affect many developing countries, he cautioned. Regarding trade, needs for vigilance against rising protectionism, though it has important to distinguish between that and the use of legitimate policy measures to promote industrial development and employment. The global economic crises underscored the importance of a transparent, inclusive and well-coordinate system of global economic governance to improve their governance structures, including the World Bank’s decision to increase the voting power of developing and transitional countries, and the doubling of IMF quotas, which increase their share of quotas and gave emerging economies two additional seats on the executive board. Warning that the global downturn could further aggravate poverty and threaten achievement of the MDGs to realize a single market and production base, which would include the progressive liberalization of the financial services sector and the integration of capital markets. Emphasis on economic integration would boost regional trade and investment. Aid-for-Trade measures, support from partners and implementation of action to bring about other improvements, removal of trade barriers, enhanced capacity to mainstream trade within sectoral, national and regional, policies; improved transport and communications infrastructure with transit neighbors and simplified border procedures, reduce transit time and documentation requirements. However much remained to be done in areas including export diversification, improving production capacity and climate change mitigation as well as protectionism also impeded the growth potential of landlocked developing countries. Global financial difficulties should not be an excused for trade protectionism. Recent food-price volatility is exacerbating the difficulties confronting global economic recovery. While some developing countries are benefitted from the rise in commodity prices, most had experienced its negative impacts. The international community needs to ensure that reforms overcame the shortcomings of the international financial system and monitoring mechanisms; many least developed countries needs debt reduction because they are overburden with the worst effects of the global economic and financial crisis, the international community to establish more tolerable debt levels, ensure the necessary institutional reforms and enhance the voice and representation of developing countries in the international financial institutions. ...with our beloved Honorable H.E. Governor Dr. Acc. Colombo Marco Lombardo. aiuoumanitariaopere.altervista.org/ notizieonlineaiuo.wordpress/ sabrinacarbonetraducoonline.blogspot.it/
Posted on: Sun, 28 Jul 2013 18:00:58 +0000
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