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A. GLOBAL FINANCIAL CRISIS AND IMPACT ON TRADE AND INVESTMENT
Bangladesh : Tk. 34,000 crore trade deficit in three quarters of current fiscal, The New Nation , 23 June 2009
The trade deficit of the country was about Taka 34,381.88 crore during three quarters of the current fiscal year. The amount of deficit was Taka 42,959 crore in the 2007-08 fiscal, said Lt. Col. Faruq Khan (retd) in the House on Sunday. He said total import of the country during the three quarters of the current fiscal was Taka 114,344.87 crore against total export of Taka 79,962.99 crore.
Accessed on 24 June 2009 < http://nation.ittefaq.com/issues/2009/06/23/news0841.htm >
ADB gives $59.4m to fight crisis, The Phnom Penh Post , 19 June 2009
CAMBODIA has qualified for US$59.4 million in Asian Development Bank (ADB) concessional loans and grants to help it respond to the global economic crisis. The money has been made available through the bank's Asian Development Fund (ADF), which received a $400 million boost Tuesday as part of a much broader $3.4 billion fiscal spending package approved by the bank's directors.
Accessed on 30 June < http://www.phnompenhpost.com/joomfinal/index.php/2009061926573/Business/ >
China's foreign trade to decline in first half of 2009, People's Daily Online , 4 June 2009
Zhong Shan, Vice Minister of Commerce, said on June 3 that China 's foreign trade is facing unprecedented difficulties and its negative growth in the first half year is a foregone conclusion. He also noted that the difficulty in quickly reversing the trend in a short term has increased and the foreign trade situation of the second half year still seems gloomy. During a meeting held on national export credit insurance (ECI) work, Zhong said that ECI is a trade promotion measure permitted by the World Trade Organization (WTO). It is also important to promote the facilitation of trade financing by reducing the enterprises' operating costs, and enhancing the enterprises' comprehensive export competitiveness.Accessed on 5 June 2009
< http://english.people.com.cn/90001/90778/6671945.html >
India 's Fiscal Deficit Shoots Up In First Month, Forex TV, 26 June 2009
India's fiscal deficit for the current financial year has shot up 16.3% of the estimated deficit of the year to Rs.54,100 crore, due to rise in public spending and a sharp drop in revenue collection, reported the Economic Times citing data released by the Controller-General of Accounts on Tuesday. Government-spending in April almost doubled from the corresponding period last year even as net tax receipts fell by 32% on a year-on-year basis.
Accessed on 30 June 2009 < http://www.forextv.com/Forex/News/ShowStory.jsp?seq=987705&countrycat=India >
Finance Minister Sees 4% Growth In Q2, Q3, Jakarta Globe ,8 June 2009
Finance Minster Sri Mulyani Indrawati has predicted that the economy would still grow as much as 4 percent year-on-year in the second and third quarters of 2009, partly supported by consumption. Sri Mulyani, sticking with her recently rosy take on the economy, said that seasonal factors would play an important role in driving consumption in the second and third quarters.
Accessed on 30 June 2009 < http://thejakartaglobe.com/home/finance-minister-sees-4-growth-in-q2-q3/310897 >
Japan : Machinery orders tumbled 5.4% in April; value lowest in 22 years, Japan Times , 11 June 2009
Core machinery orders, a closely watched indicator of corporate spending, dropped 5.4 percent in April, the government said Wednesday, dimming prospects for a quick economic recovery. The April result was far worse than the average forecast among market analysts of a 0.6 percent month-on-month rise in core machinery orders. The value of orders was the lowest in 22 years, suggesting companies are wary of investing while the economy is mired in its steepest recession since World War II stemming from an unprecedented collapse in global demand. The Cabinet Office predicted core machinery orders from April to June will fall by 5 percent from the January-March quarter.
Accessed on 12 June 2009 < http://search.japantimes.co.jp/cgi-bin/nb20090611a1.html >
Laos economy: Unemployment and currency appreciation are concerns, Economist Intelligence Unit , 11 June 2009
Rising unemployment is a concern for the Lao government, but so far its efforts to address the problem have been weak, focused on organising job fairs, labour market surveys and short-term training courses. Skilled labour remains in short supply in Laos , with educational standards falling below those across most of South-east Asia . Given that nearly one-half the Lao population of 6.5m people are aged under 16, long-term training and employment opportunities are real concerns.
Accessed on 30 June < http://www.eiu.com/index.asp?layout=VWArticleVW3&=0 >
Governmentt lowers GDP forecast to -4% to -5% for 2009, The Star , 22 June 2009
KUALA LUMPUR: The Government has revised Malaysia's GDP growth forecast this year to between -4% and -5%, down from - 1% to 1% earlier. The development was based on the domestic economic indicator which is showing a sliding trend on export value, Industrial Manufacturing Index and investment expenditure. The government is also confident that through the strategy and measures that have been drafted in both of the comprehensive and thorough economic packages, the effects of the economic slowdown could be minimised.
Accessed on 30 June < http://thestar.com.my/news/story.asp?file=/2009/6/22/nation/20090622210908&sec=nation >
Slowdown signs - Pakistan FDI declines by 47% in 11 months, Steel Kuru , 18 June 2009
Business Recorder reported that net foreign investment has declined by 47% during the first 11 months of the current fiscal year mainly due to massive outflow of the portfolio investment and poor law and order situation. Net foreign investment comprising foreign direct investment and portfolio investment is constantly on the decline due to worsening law and order situation, slow economic activities and global recession. As per report, net foreign investment has registered a decline of some USD 2.01 billion during the first 11 months of FY09. With current decline, overall net foreign investment has declined to USD 2.222 billion during July & May of the current fiscal year as compared to USD 4.23 billion in the same period of FY08.
Accessed on 19 June 2009 < http://steelguru.com/news/index/2009/06/18/OTg4MjI%3D/Slowdown_signs_-_Pakistan_FDI_declines>
Philippines : F.D.I. flows in retreat; $27M left in March, Business Mirror , 11 June 2009
There was a net outflow of foreign direct investment (FDI) in March this year totaling $27 million, a turnaround from inflows of $149 million a year ago, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday. But the first three months proved resilient as FDI posted a net inflow of $44 million, sharply lower than year- ago of $266 million. Equity capital and reinvested earnings posted positive balances in the first quarter totaling $19 million and $27 million, respectively. Equity placements for the period stood at a robust $70 million against equity withdrawals of only $23 million.
Accessed on 12 June 2009 < http://businessmirror.com.ph/home/top-news/11594-fdi-flows-in-retreat-27m-left-in-march.html >
IMF sees Thailand 's GDP contracting 3 pct in 2009, Reuters , 5 June 2009
BANGKOK , The International Monetary Fund forecast on Friday Thailand 's economy to shrink by 3 percent this year due to a sharp fall in exports and continued sluggish domestic demand. But the country's economic fundamentals remained strong, underpinned by prudent economic policies and robust financial institutions, it said in a statement concluding its 2009 consultation with Thailand . An IMF mission came to Thailand to conduct an annual economic review in April, when it predicted the Thai economy could shrink between 2 and 4 percent this year.
Accessed on 30 June < http://in.reuters.com/article/specialEvents4/idINBKK8692620090605 >
Vietnam sees 2009 FDI falling $2.5 bln-report, LSE , 4 June 2009
HANOI , Foreign direct investment (FDI) in Vietnam is expected to fall in 2009 by $2.5 billion to $9 billion, a state-run newspaper reported on Thursday. The online newspaper VnExpress quoted Phan Huu Thang, director of the Foreign Investment Agency, as saying FDI pledges in Vietnam might drop to $20-25 billion this year from a record of $64 billion last year due to the global economic slump. Last year Vietnam attracted $11.5 billion in FDI, and Prime Minister Nguyen Tan Dung had hoped to reach the same level this year. The United States tops the list of foreign investment in existing projects with $3.8 billion between January and May.
Accessed on 5 June 2009 < http://www.lse.co.uk/MacroEconomicNews.asp?ArticleCode=khvyvcrbpki1930&ArticleHeadline=vietnam_sees_2009>
B. TRADE FACILITATION AND TRADE FINANCE
ASSOCIATION OF SOUTHEAST ASIAN NATIONS (asean)
ASEAN Working Towards Harmonising Customs Procedures, Bernama , 9 June 2009
SHAH ALAM, ASEAN customs officials are making a move towards harmonising customs processes and procedures in order to create favourable conditions for trade exchanges within the region. Deputy secretary-general of the ASEAN economic community, S. Pushpanathan , said the customs officials were looking at ways on how to promote and facilitate free flow of goods within the region, such as enhancing transport connectivity and eliminating non-tariff barriers.
Philippines : Accreditation office created, Business World , 1 June 2009
PRESIDENT Gloria Macapagal-Arroyo has created a central body, under the Department of Trade and Industry (DTI), to accredit inspection, testing and certifying bodies in a bid to strengthen the country's accreditation processes. Executive Order 802, signed last month, strengthens and recognizes the Philippine Accreditation Office (PAO) as the "national accreditation body," which shall be the central agency tasked to accredit inspection, testing and certifying bodies offering conformity assessment services needed by the country.
Accessed on 2 June 2009 < http://www.bworldonline.com/BW060109/content.php?id=054 >
Thailand: EXIM Bank promotes Thai goods to Indonesian buyers, The Nation , 19 June 2009
The Export-Import Bank of Thailand recently signed a Revolving Trade Financing Facility (RTFF) contract, which prompted it to extend a US$20 million RTFF line to PT. Bank Ekspor Indonesia (BEI). The facility will be used to support BEI's relending to Indonesian buyers wishing to import Thai goods and services.
Accessed on 20 June 2009 < http://www.nationmultimedia.com/2009/06/18/business/business_30105485.php >
C. TRADE BARRIERS
Australia : Dairy Australia angry at size of US subsidies, ABC News , 10 June 2009
The United States will pay hundreds of dollars of subsidies to dairy processors, in an effort to keep its market competitive. Dairy Australia has calculated that the US will pay $US100 a tonne for cheese and $US400 a tonne for butter. The money will target markets the European Union has already subsidised, including lucrative markets in Asia . Dairy Australia 's Michael Harvey says US subsidies are similar to the European Union's.
Accessed on 11 June 2009 < http://www.abc.net.au/rural/news/content/200906/s2594092.htm >
China to Scrap Export Tax on Wheat, Rice, Soybeans, Bloomberg, 22 June 2009
China , the world's largest producer of grains, will scrap the temporary taxes on exports of wheat, rice, and soybeans as the government attempts to run down swollen stockpiles. The duties will be cancelled from July 1, the Ministry of Finance said on its Web site today. China will also end the special export duties on some fertilizer chemicals including yellow phosphorus, phosphorus ore, compound ammonia, phosporus acid and ammonium chloride, the statement said. Wheat prices have plunged 38 percent in the past year, partly on increased world production and growing stockpiles. China has had five consecutive bumper grain harvests since 2004, swelling stocks, Fang Yan, deputy director of rural economic development at China 's National Development and Reform Commission, said in Beijing on June 11.
Accessed on 23 June 2009 < http://www.bloomberg.com/apps/news?pid=20601089&sid=aCoGhE49AciA >
Armed with data, India to fight US' non-tariff barriers at meet, India Times, 1 June 2009
NEW DELHI, India will take up with the US the issue of non-tariff barriers (NTBs)—or restrictions other than those related to tariffs—being faced by Indian businesses in exporting to the country at the next bilateral trade meeting. The commerce department is collecting inputs from various sectors on the restrictions they are facing in penetrating the US market, which would be eventually taken up with the US department of trade. The US , too, has initiated an investigation to find out how India 's farm trade barriers affect exports from that country. The US is India 's largest trading partner with bilateral trade reaching $44.8 billion in 2008.
Accessed on 2 June 2009 < http://economictimes.indiatimes.com/Economy/India-to-fight-US-non-tariff>
Thailand : East Asian Summit Leaders against Protectionist Measures, Bernama, 3 June 2009
BANGKOK , East Asian Summit (EAS) Leaders have underscored the critical importance of standing firm against protectionist and distortionary measures, and refraining from raising new barriers as the world faces one of the most severe economic crises. In a joint statement issued by ASEAN Chair and EAS coordinator, Thai Prime Minister Abhisit Vejjajiva Wednesday, the leaders of 16 nations agreed that a prompt, ambitious and balanced conclusion to the WTO Doha Development Agenda negotiations based on progress achieved to date was necessary and would inject confidence and assist in the global economic recovery.
Accessed on 5 June 2009 < http://www.bernama.com/bernama/v5/newsindex.php?id=415564 >
UNITED STATES OF AMERICA
US trading partners complain about protectionism, AP , 8 June 2009
WASHINGTON — America 's largest trading partners are warning that protectionist moves by Congress could poison global trade relations, despite President Barack Obama's assurances that he wants to keep U.S. markets open. Businesses in the European Union and Canada complain they have been shut out of U.S. markets because of the "Buy American" provision in the massive stimulus bill, passed in February, which requires the use of U.S.-manufactured products.
Accessed on 9 June 2009 < http://www.google.com/hostednews/ap/article/>
D. WTO-RELATED NEWS
Cairns Group meets on agriculture, Doha trade round, Reuters , 8 June 2009
NUSA DUA, Indonesia - Nineteen leading agricultural exporting nations, including Australia , Brazil and South Africa , kicked off talks in Bali on Sunday aimed at pushing forward troubled world trade negotiations. As well as seeking to move forward the stalled Doha trade round, the Cairns Group of nations accounting for more than 25 percent of the world's agricultural exports is also expected to take aim at U.S. and European dairy export subsidies. Despite the global economic crisis sharpening pressures for protectionism, there are also hopes that political conditions for a world trade deal are improving. U.S. Trade Representative Ron Kirk is due to attend the three-day meeting at the resort of Bali, as well as officials from the European Union and India .
Accessed on 10 June 2009 < http://www.reuters.com/article/businessNews/idUSTRE5560BS20090607 >
Roadblocks on Russia Path to WTO, The Heritage Foundation , 9 June 2009
MOSCOW , In conjunction with the St Petersburg Economic International Forum, speculations over Russia 's accession to WTO have picked up steam. On the sidelines of the Forum, Economic Development Minister Elvira Nabiullina said Moscow stands a good chance of joining WTO by year end. The negotiations with the European Union seemed to help settle some problems over export tariffs imposed by Russia on raw timber and technical barriers to foreign trade. United States Trade Representative Ronald Kirk, following his talks with Russian Deputy Prime Minister Igor Shuvalov and Nabiullina, announced America would not impede Russia 's bid to join the WTO.
Accessed on 11 June 2009 < http://blog.heritage.org/2009/06/09/roadblocks-on-russia-path-to-wto/ >
WORLD TRADE ORGANIZATION (WTO)
WTO chief hopes to conclude Doha round in 2010, Reuters , 17 June 2009
WTO meeting in the dispute on certain IT products opened to the public, WTO , 11 June 2009
At the request of the parties in the dispute “European Communities and its Member States — Tariff Treatment of Certain information Technology Products” the Panel has agreed that part of its second meeting with the parties on 9 July 2009 should be open for public viewing at the WTO Headquarters in Geneva.
Accessed on 12 June 2009 < http://www.wto.org/english/news_e/news09_e/hear >
The head of the World Trade Organisation is hopeful long-running trade talks can be wrapped up next year. Trade ministers came close to reaching a deal on the Doha round of talks in July 2008, but they collapsed because of a dispute between Washington and emerging economies, spearheaded by India, over proposals to help farmers in poor nations. The Cairns Group, 19 nations accounting for more than 25 percent of the world's agricultural exports, said last week that trade officials from the United States , Europe and India had shown fresh resolve to conclude the Doha talks launched in 2001. The Doha deal is estimated to be worth $150 billion for the world economy and considered even more important now that the world faces its worst economic crisis in decades.
Accessed on 18 June 2009 < http://in.reuters.com/article/economicNews/idINIndia-40393720090617 >
Chair outlines schedule as farm talks gear up, WTO , 18 June 2009
Chairperson David Walker announced on 18 June 2009 that the agriculture negotiations will return to a “multilateral” process (i.e. one involving and controlled by all members), reflecting members' desire to see the talks pick up momentum again.
Accessed on 19 June 2009 < http://www.wto.org/english/news_e/news09_e/agng_18jun09_e.htm >
UN System bodies call for collective response to financial and ecological crises, WTO , 30 June 2009
A group of international organizations, including the WTO, says coordinated efforts to create a green economy are needed to tackle financial, economic, food, water, energy, ecosystem and climate crises. Their joint statement was issued as an initiative of the The High-level Committee on Programmes (HLCP), which comes under the United Nations System Chief Executives Board for Coordination (CEB), an informal group of heads of international organizations.
Accessed on 1 July 2009 < http://www.wto.org/english/news_e/news09_e/igo_30jun09_e.htm
E. REGIONAL AND BILATERAL TRADE AGREEMENTS
hina, Russia to deepen economic cooperation despite global financial crisis: official, People's Daily, 18 June 2009
The economic and trade cooperation between China and Russia will continue to expand despite the negative impacts of the international financial crisis, Chinese Minister of Commerce Chen Deming said in Moscow on Wednesday. Chen, who is accompanying Chinese President Hu Jintao on a state visit to Russia , told a briefing that the trade and economic ties between the two countries have developed smoothly in recent years. The trade between the two countries recorded an average annual growth rate of about 30 percent during the past 10 years and bilateral trade volume reached 56.8 billion U.S. dollars last year.
Accessed on 19 June 2009 < http://english.people.com.cn/90001/90778/90857/6680812.html >
Six Asian Countries Agree to Simplify Trade Procedures, ESCAP, 1 June 2009
The six Participating States of the Asia-Pacific Trade Agreement (APTA) have successfully concluded negotiations on simplifying cross-border trade procedures to reduce costs and improve trade efficiency. The Framework Agreement on Trade Facilitation, concluded by Bangladesh , China , India , Republic of Korea , Lao People's Democratic Republic and Sri Lanka , aims to enhance efficient and competitive trade by broadening cooperation in trade facilitation. The Agreement establishes rules on transparency, consistency, simplicity, efficiency, harmonization and standardization of trade procedures and practices, with an aim to improve the processes of cross-border trade in goods and services.
Accessed on 2 June 2009 < http://www.unescap.org/unis/press/2009/jun/g40.asp >
India to sign FTA with ASEAN in August , The Hindu , 5 June 2009
NEW DELHI , Visiting Industry Minister of Thailand Chanchai Chairungruang on Thursday announced that the much-awaited ASEAN-India Free Trade Agreement (FTA) would be inked in August during the ASEAN Economic Ministers conference to be held in Thailand . Addressing a group of select mediapersons here, Mr. Chairungruang said that with the signing of the FTA, it would enable member countries to reduce tariffs for more than 4,700 categories from January 1, 2010, onwards. The Industry Minister, who is also the Vice Chairman of BOI, Thailand , said Thailand could partner India to extend its reach to the entire Southeast Asia and Asia Pacific region as important potential markets.
Accessed on 6 June 2009 < http://www.hindu.com/2009/06/05/stories/2009060551771600.htm >
egotiations conclude on New Zealand-Malaysia FTA, The National Business Review , 2 June 2009
New Zealand and Malaysia have finished negotiations on a free trade agreement (FTA) with more benefits than the recently signed ASEAN agreement. Earlier this year New Zealand and Australia signed an FTA with 10 Asian countries who are members of the Association of South East Asian Nations (ASEAN). The FTA will now go through domestic approval processes before it can be officially signed. Both sides would like to see it signed this year. Malaysia is New Zealand 's seventh largest trading partner with two-way trade worth nearly $3 billion last year.
Accessed on 3 June 2009 < http://www.nbr.co.nz/article/negotiations-conclude-nz-malaysia-fta-103176 >
Pakistan China agreement on FTA a “milestone” in bilateral relations, Associated Press of Pakistan , 3 June 2009BEIJING , underlining the importance of Sino, Pak ties, a senior Chinese official at the Ministry of Commerce said that the Free Trade Agreement (FTA) between the two countries is a “milestone” in the history of our bilateral relations. Briefing the media delegation from SAARC countries, the Deputy Director General Liang Wengtao said that China is committed to enhance its bilateral trade with the South Asian countries.
Accessed on 5 June 2009 < http://www.app.com.pk/en_/index.php?option=com_content&task=view&id=77804&Itemid=2 >
REPUBLIC OF KOREA
It's Time to Discuss a Korea-China Free Trade Agreement , Chosun Ilbo , 12 June 2009
Former President Roh Tae-woo's biggest achievement was his northward diplomacy. South Korea 's treaties of amity with Russia and China were both concluded during his tenure in 1990 and 1992. The Korea-China friendship pact, in particular, was of great help to this country thanks to China 's rapid economic growth. A case in point was the rescue of Korea 's small and medium-sized industries in the wake of the 1997-98 financial crisis. Accessed on 15 June 2009 < http://english.chosun.com/site/data/html_dir/2009/06/12/2009061200908.html >
F. DID YOU KNOW THAT?
First South Asian trade show in US this week, The Hindu , 22 June 2009
Washington (PTI): An exclusive trade show for companies catering to the need of the growing ethnic South Asian communities in the United States will be held on June 25-26. Major players in the South Asian marketplace - leading manufacturers, distributors, retailers, restaurant owners, jewelers, air lines and travel agents are expected to attend the two-day trade show being held at the spacious garden of the State Exposition Center in the Edison city of New Jersey, known as Little India.
Accessed on 23 June 2009 < http://www.hindu.com/thehindu/holnus/006200906220980.htm >
Japan, China Will Start Group on Intellectual Property Rights, Bloomberg , 7 June 2009
Economic ministers from Japan and China agreed to start a working group on protecting intellectual property rights as part of an effort to tighten economic ties during the global recession. Asia's two largest economies agreed to set up a working group to discuss intellectual property, implement economic measures pledged at the Group of 20 meeting in April and cooperate on development in Africa and other poorer regions.
Accessed on 9 June 2009 < http://www.bloomberg.com/apps/news?pid=20601101&sid=aDByAxD1DEyU&refer=japan >
Japan May Offer Loans to Fund Clean-Coal Power Plants, Bloomberg , 17 June 2009
Japan plans to offer loans to power producers in the U.S. and Australia that buy so-called clean coal generators from Japanese manufacturers, according to a government document obtained by Bloomberg News. Funding from state-owned Japan Bank for International Cooperation would help drive sales of the plants that cost about $3.1 billion apiece, said a senior trade ministry official involved in producing the 113-page draft plan, due to be released today. The ministry said in an e-mail it will brief the media on a report about clean coal at 4:30 p.m. in Tokyo . Mitsubishi Heavy Industries Ltd. and Hitachi Ltd. compete with General Electric Co. and Germany 's Siemens AG to supply plants that convert coal into gas before generating power, making it easier to trap carbon-dioxide emissions. Japan wants to benefit from new demand for clean energy after world leaders including U.S. President Barack Obama pledged to back technologies that reduce gases blamed for global warming.
Accessed on 18 June 2009 < http://www.bloomberg.com/apps/news?pid=20601102&sid=a_hezkg_no_4 >
World Bank sees even worse slump, BBC News, 11 June 2009
The world economy will shrink by much more than previously thought, according to the World Bank. The world economy will contract by 3% this year, far more than the 1.75% drop it predicted earlier this year. The gloomier forecast comes despite recent signs that the worst of the recession is over. This year is likely to be the first global recession since World War II.
Accessed on 15 June 2009 < http://news.bbc.co.uk/2/hi/business/8095702.stm >
G.RECENT PUBLICATIONS ON TRADE AND INVESTMENT
Impact of Trade Facilitation Measures and Regional Trade Agreements on Food and Agricultural Trade in South Asia . June 2009. ARTNeT Working Paper Series, No 69. Recent studies have indicated that smaller trade gains in South Asia are mainly due to the inadequate attention paid to trade facilitation measures such as efficiency of customs and other border procedures, quality of transport, and cost of international and domestic transport. The objective of this study is to provide quantitative estimates of gains that can be acquired from improving trade facilitation in South Asia focused on exports of food and agricultural commodities. The estimates are obtained from sectoral gravity models of exports of five product categories augmented by trade restrictiveness indices, the presence of trade agreements, and a trade facilitation variable. Results have indicated that reducing inefficiencies at the borders in South Asia can achieve significant trade gains.
Accessed on 30 June< http://www.unescap.org/tid/artnet/pub/wp6909.pdf >
Trade and Social Development: The case of Asia by Nilanjan Banik. June 2009. ARTNeT Working Paper Series, No. 68
Despite the fast growth Asian economies are experiencing, they are lagging behind in terms of the distribution of resources towards educational and healthcare services. This has resulted in great inequality across the region. This study utilizes a regression analysis to show that trade can play a role in building such capabilities for the development of these countries: 1.) trade positively affects mean income, 2.) trade also embodies a flow of resources that can be used to set up healthcare, educational services, as well as infrastructure for electricity, water supply, roads, and ports.
Aid for Trade in Asia and the Pacific: An Update. July 2009. Available online (PDF-Format, 32 pages, 2.45MB). Asian Development Bank (ADB) .
This report provides an update on the WTO Aid for Trade initiative in Asia and the Pacific since the first Global Aid for Trade Review in November 2007. It covers the global economic crisis and evolving Aid for Trade needs in the region; a discussion of recent activities, focusing on those involving ADB; and next steps.
Accessed on 30 June < http://www.aric.adb.org/aid-for-trade-asia/pdf/Report%20to%202nd%20Global%20Review.pdf >
Fiscal Implications of the Global Economic and Financial Crisis. June 2009. Available online (PDF-Format, 49 pages, 1.04MB). Staff Position Note No. 2009/13. International Monetary Fund (IMF).
This note reflects macroeconomic and fiscal forecasts presented with the April 2009 World Economic Outlook, as well as information on fiscal stimulus and financial and industrial sector support gathered through mid-May. It follows the request by G-20 leaders for the Fund to assess regularly the actions taken by countries to address the global crisis and accelerate the recovery.
Accessed on 22 June < http://www.imf.org/external/pubs/ft/spn/2009/spn0913.pdf >
Global Development Finance 2009: Charting a Global Recovery. June 2009. Available online (PDF-Format, 167 pages, 4.29MB). World Bank (WB) .
Amidst global economic recession and financial-market fragility, net private capital inflows to developing countries fell to $707 billion in 2008, a sharp drop from a peak of $1.2 trillion in 2007.
International capital flows are projected to fall further in 2009, to $363 billion.
Developing countries are expected to grow by only 1.2% this year, after 8.1% growth in 2007 and 5.9% growth in 2008. When China and India are excluded, GDP in the remaining developing countries is projected to fall by 1.6%, causing continued job losses and throwing more people into poverty. Global growth is also expected to be negative, with an expected 2.9% contraction of global GDP in 2009.
Global GDP growth is expected to rebound to 2% in 2010 and 3.2% by 2011. In developing countries, growth is expected to be higher, at 4.4 % in 2010 and 5.7 % in 2011, albeit subdued relative to the robust performance prior to the current crisis.
Accessed on 25 June < http://siteresources.worldbank.org/INTGDF2009/Resources/gdf_combined_web.pdf >
The Global Financial Crisis: A Wake-up Call for Trade Finance Capacity Building in Emerging Asia . June 2009. Available online. VOX Column. by Trade and Investment Division, UNESCAP .
The current crisis has drawn attention to the important role of trade finance in supporting international trade. This column argues that emerging market economies in Asia need to significantly develop and strengthen national trade finance institutions.
The current financial crisis has provided a useful reminder of how essential trade finance is to international trade. The capacity to trade is significantly affected by the availability and cost of financing and the availability of instruments to mitigate the risks associated with international trade transactions.
Accessed on 19 June 2009 < http://www.voxeu.org/index.php?q=node/3667 >
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