Economic Times ⁽²¹⁸⁾

Thanks to a handful of vocal free-trade skeptics among economists, pro-free-trade economists never have to fear being rendered redundant. In a recent article in The Guardian (December 12, 2005), Larry Elliott writes that according to Harvard economist Dani Rodrik, the experiences of Vietnam and Mexico illustrate why liberal trade policies contribute precious little to economic prosperity. But like the other arguments against trade liberalisation by Rodrik, this one also appears plausible at first sight but collapses in the face of careful scrutiny Economic Times January 25, 2006 Thanks to a handful of vocal free-trade sceptics among economists, pro-free-trade economists never have to fear being rendered redundant. In a recent article in The Guardian (December 12, 2005), Larry Elliott writes that according to Harvard economist Dani Rodrik, the experiences of Vietnam and Mexico illustrate why liberal trade policies contribute precious little to economic prosperity. "Take Mexico and Vietnam, he [Rodrik] says. One...has had a free-trade agreement with its neighbour across the Rio Grande. It receives oodles of inward investment and sends its workers across the border in droves. It is fully…

Contrary to the doom and gloom scenarios advanced by many, the WTO ministerial conference at Hong Kong concluded successfully on December 18, 2005, making significant progress towards completing the Doha Round. True, the conference did not produce dramatic results. But that was just as some among us had predicted: with the final round of negotiations still a year away, few accomplished negotiators could be expected to put their best offers on the table.Kamal Nath may take the lead and call a mini-ministerial conference to complete the modalities of negotiations. Read full article Contrary to the doom and gloom scenarios advanced by many, the WTO ministerial conference at Hong Kong concluded successfully on December 18, 2005, making significant progress towards completing the Doha Round. True, the conference did not produce dramatic results. But that was just as some among us had predicted: with the final round of negotiations still a year away, few accomplished negotiators could be expected to put their best offers on the table

The assertion that the removal of agricultural subsidies by rich countries would benefit the LDCs is false. And telling the rich nations that their policies hurt the LDCs would not produce the desired outcome.Economic Times November 30, 2005. As the sixth WTO ministerial conference to be held in Hong Kong during December 13-17, 2005 approaches, the European Union (EU), the US and the group of 20 mainly larger developing countries are deadlocked over the Doha negotiations on agriculture Breaking the deadlock requires dispelling several myths spread by the press, international institutions and non-governmental organisations. Among the myths are: rich countries annually spend hundreds of billions of dollars on trade-distorting subsidies; agricultural protectionism is largely a rich country phenomenon; and the least developed countries (LDCs) are the worst victims of these subsidies and protection. Twice recently the New York Times has editorialised that “developed world funnels nearly $1 billion a day in subsidies,” which “encourages overproduction” and drives down prices. The World Bank president Paul Wolfowitz similarly referred to developed countries expending “$280 billion on support to agricultural producers” in a recent…

Entitled "Equity and Development," the World Development Report (WDR)2006 of the World Bank is a great leap backward in development thinking. Ignoring the lessons of 50 years of experience, it advocates bringing equity to the center stage of development-policy making. The report is not oblivious to the fact that virtually all agree that the central goal of development policy should be to tackle poverty, not inequity.Economic Times October 19, 2005 Entitled "Equity and Development," the World Development Report (WDR)2006 of the World Bank is a great leap backward in development thinking. Ignoring the lessons of 50 years of experience, it advocates bringing equity to the centre stage of development-policy making. The report is not oblivious to the fact that virtually all agree that the central goal of development policy should be to tackle poverty, not inequity. That would be impossible since the slogan “Our dream is a world free of poverty” is prominently displayed on virtually all walls of the opulent World Bank building. But the report contends that the pursuit of equity speeds up the elimination of poverty. “Equity enhances…

Substantive liberalization under the Doha Round is possible but not without developing countries making reciprocal concessions. ECONOMIC TIMES: SEPTEMBER 21, 2005 Pascal Lamy, the new director-general of the World Trade Organisation (WTO), has begun to set the agenda for the Doha Round negotiations at the Hong Kong ministerial meeting during December 13-18, 2005. Recognising the vast differences that remain among participants, he has publicly stated what has been known for some time: contrary to the original deadline, the round will not be concluded by December 31, 2005. Instead, Lamy has urged the member countries to forge an agreement at Hong Kong that would bring them two-thirds way to the final agreement. He has proposed the members complete the remaining one-third of the task by the end of 2006. That would still close the round two years faster than the predecessor Uruguay Round and is therefore an ambitious undertaking. Lamy faces a truly uphill task. A relatively recent development that adds to the challenge he faces is the sophistication, organisation and coherence that developing countries have achieved in articulating their demands…