Aid for Trade is complement, not substitute for Doha Round
19 Sep '07
3 min read
Top global and regional financial officials at a conference pledged to help small and weak states in Asia and the Pacific build and strengthen capacity to benefit from trade and spur economic growth to alleviate poverty.
Nearly two dozen finance and trade ministers gathered for the two-day regional review meeting “Mobilizing Aid for Trade: Focus Asia and the Pacific” hosted by the Asian Development Bank (ADB), World Trade Organization (WTO), in association with the Philippine Government. Officials from key donor countries and private sector representatives are also attending the meeting.
Developing Asia's blistering economic growth has captured global attention. The experience of East Asian economies show that adoption of outward-oriented developed strategies can help to harness trade as an engine of growth and alleviate poverty. But some economies in the region have lagged behind and face significant challenges.
Aid for Trade is a complement, not a substitute for Doha Development Round. Trade leaders said a successful completion of the Doha Round will help the small and weak states the most. But these less developed economies do not have the capacity or infrastructure to reap benefits from global trade. Aid For Trade will help these economies to strengthen their capacities through outward market-oriented reforms to participate in the process of globalization.
“I believe ADB can contribute to making Aid for Trade a viable, efficient, and effective way to help our less developed members and small states benefit from both increased trade, growth, and better economic cooperation and integration,” said Haruhiko Kuroda, ADB President.
marketing@alchempro.com
