Hope of An Asian Economic cooperation under threat
The vision of forming Asian Economic Community has been under threat as the spree of signing bilateral and regional free trade agreements by the Asia-Pacific countries has increased. These arrangements divert and distort trade and tie up Asia-Pacific’s competitiveness in a “noodle bowl” of preferential deals and rules of origin, which makes the multilateral trading system less effective. It can pay off for an Asian Economic Community if certain principles are adhered to, but it also imposes immediate costs on both developing countries and global institutions like the WTO.

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Important concerns for Bangladesh’s RMG sector
Recent labour uprisings and violence in Bangladesh have created concern about the future performance of ready-made garments (RMG) industry that performed satisfactorily in the first year of the volatile global free trade (apparel & textile) environment after MFA phase-out in January 2005. The RMG industry has proved itself a mature industry after MFA phase-out. The ongoing upsurge and violence by the garment workers must be addressed keeping in view the importance of RMG sector in Bangladesh’s economy.
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FDI eludes India
Though the fourth largest economy, India gets only 0.8 per cent of total global FDI flows and less than 3 per cent of the total FDI flows to developing countries. India has all the right ingredients to attract large FDI flows – huge market, excellent economic prospects, good balance of payment situations etc. but even then such investment is still slow to come in. This is because of the shortcomings on the infrastructure, labour law and quality of governance that serves as a deterrent in attracting FDI.

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Unfair Trade Rules continues
The poverty and suffering of millions of the world’s poorest farmers shackled by unfair trade rules will continue following suspension of the World Trade Organisation’s Doha round of development talks on July 24. The Doha Development Round was primarily to correct the rigid rules and practices that allow rich countries to capture nearly 70% of world trade flows worth $20.6 trillion, while poor and developing countries (that represent 81% of the world’s people) contribute only 30%. Of this 30%, Africa contributes just 2.6% to world trade.

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Southern Africa: Convergence of Vision Vital
SADC community has made progress towards political freedom and democratic governance. However, lack of peace and stability and rampant poverty rendered rapid economic and social transformation almost impossible. The high mortality rate from the raging Aids pandemic was reversing all health gains made in the past three decades. Regional food security also poses a big challenge. Given these conditions, SADC is going ahead for regional economic integration.

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