Chapter 1: Development, Developing Economies and the Multilateral Trade Regime
One of the most important achievements of the last ten years has been the enhanced integration of developing countries into the WTO system. Never before have so many been such active participants in the global trading system and the development focus of the Doha Round is an appropriate reflection of this. … The development dimension can no longer be an after thought or an add-on, a sort of pisco you add to the main dishes of market opening. Exceptions and derogations have their place, but they can too easily lock developing countries into the status quo and put a ceiling on their future possibilities. (Pascal Lamy, 2006a) INTRODUCTION Notwithstanding recent improvements, the global economy is far from free of the scourge of poverty. A disconcerting level of it obstinately persists around us. During the post-War period, the global community has demonstrated repeated and sincere commitment to growth and poverty alleviation. Economists and trade analysts have dwelt upon the possibility of a theoretical link between trade expansion and economic growth for over two decades. The present stock of knowledge suggests that adoption of the strategy of export-led growth benefits economies and that the external sector can be a dynamic growth engine. It has benefited a good number of Asian economies. The People’s Republic of China (hereinafter China) is the latest beneficiary of this growth strategy. This chapter argues that, like the Millennium Development Goals (MDGs) of the United Nations (UN), the global community needs to adopt the policy objectives of economic growth...
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