World trade architecture is changing: Minister
World trade architecture is changing: Minister
Developing and least developed countries now account for a higher percentage of global trade because many developed countries are still recovering from recession, it was noted at a recent business forum.
Lao Minister of Industry and Commerce, Dr Nam Vinhaket, made the observation when he addressed the 5th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Business Forum in Vientiane on Tuesday.
The minister explained that in the last decade the world economy was driven by the industrialised nations. Before the subprime and global financial crises, the industrialised countries' share of global trade in goods and services was around 70 percent, he noted, when that of developing countries at that time was only 20 percent.
The share of least developed countries in global trade accounted for only 0.4 percent.
“Today, we are witnessing a change in the world trade architecture. One of the dominant features of this change is the emergence of new growth markets. These are economies outside the developed world, which over the past ten years have made a significant contribution to the global economy,” Dr Nam said.
The 5th ACMECS Summit will reaffirm the determination of the ACMECS governments to strengthen their commitment to implement their goals of enhancing peace and stability in the region.
They will also strongly promote sustainable development in the respective countries in order to support the introduction of the Asean Economic Community in 2015 and the implementation of the Asean Master Plan of Connectivity.
“We also share the common view that the Mekong countries could serve as a “single production base and be part of a global supply chain, in accordance with the theme of the new ACMECS plan of action”, Dr Nam said.
The ACMECS Business Forum is a platform to highlight and discuss the issue. It is a meeting of business leaders from the five national chambers of commerce and industry preparing the recommendations created by ACMECS member countries to strengthen the traditional relations of friendship, good neighbourliness and mutual benefits among the ACMECS countries.
“This is particularly pertinent today as we witness the emergence of new dynamic and fast-growing economies in CLMV and ACMECS,” Dr Nam said.
The main objective of the ACMECS Business Forum is to listen to the views of the private sector on the implementation of the ACMECS Plan of Action 2010-12 and on the proposed Plan of Action for 2013-15. The views of the private sector will then be summarised and reported to the ACMECS leaders on March 13.
About 150 participants from the business executive and national chambers of the five ACMECS countries, trade attaches and commissioners from Asean countries and representatives from concerned government authorities from the respective countries attended the ACMECS Business Forum.
The forum included a business plenary discussion on “recommendations to the draft ACMECS Economic Cooperation Strategy 2013-2015 and the plan of action for future economic cooperation”.
The forum discussion included the areas and sectors which have strong potential for business collaboration, including trade and investment, tourism, agricultural cooperation, transportation, industry promotion and human resource development.
vientiane times
