Thursday, 24 September 2009

The G20 and Global Trade

The G20’s agenda has radically changed over the last year; discussion now centres on the financial crisis and the future management of the global banking system. I am saddened to see Global trade had slipped off the G20s radar, with the Doha Round looking increasing unlikely to be revived this year further talks on this important topic are needed.

Despite the current economic turmoil the Global Trade is growing and increasing, particularly Intra-Asian Trade, the Asian Development Bank recently stated that “the region would grow more strongly than expected this year and in 2010…Despite [difficult] conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown”.

Asia’s continued growth is despite the decline in Trade with the traditional western markets, growth has benefited from strong Intra-Asian trade. Intra-Asian trade has helped maintain growth while the largest export markets have dramatically reduced their spending. CBC feels that Intra Africa trade can follow the same model; we have been working with governments and the private sector over the last 10 years to enhance this. We have seen impressive increases and look forward to working with partners to push this even further.

We hope that global trade will soon be back on the agenda for G20 meetings.

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