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...It was important for the WTO to send a signal that all was not lost with multilateralism.The meet took up parts of the Doha Development Agenda (DDA), on which the WTO had failed to progress for nearly a decade because of the sharp differences between developed and developing countries.These almost irreconcilable differences have broken up multilateral trade talks on several occasions in the past.Most trade experts had accepted the futility of trying to achieve a consensus and were reconciled to the WTO playing an increasingly marginal role in global trade.It was important for the WTO to dispel these notions by making progress on the DDA.A key element of the Bali package was the trade facilitation deal.By ensuring easier cross-border movement of goods through simpler customs procedures and greater harmonisation, the deal is expected to increase world trade by almost $1 trillion. ...Indian Express on Dec. 13, 2013, 12:17 a.m.
...For a country shunned by the international community, particularly the West, for several years due to its autocratic military regime, the ASEAN chairmanship affirms Southeast Asia's faith in the economic and political transition of Myanmar.It also reflects ASEAN's willingness to project Myanmar as its face at a time when Southeast Asia is a critical variable in regional and global economic and geopolitical calculations.Myanmar's elevation is also significant for India.India has been a major supporter of pro-democratic forces in Myanmar championed by Aung San Suu Kyi.The country is also an ideal example of the pragmatism becoming conspicuous in India's external engagement policies.Despite supporting the pro-democracy movement in Myanmar since the 1990s, India began engaging its military government over the last decade. ...Indian Express on Oct. 18, 2013, 4:01 a.m.
...This year's G-20 meeting will probably be the first where the emerging market members are expected to collectively pitch for coordinated monetary policy actions within the group.Synchronised policymaking has been a major objective of the G-20 since the global financial crisis.But never before has it met when almost all of its emerging market members are struggling to cope with low economic growth and severe financial turbulence, holding the Fed responsible for their distress.Over the last few months, major emerging market economies have been fighting to stop macroeconomic imbalances from spinning out of control.Most of these economies India, Brazil, Indonesia, Mexico, Turkey, and South Africa are facing runs on their national currencies, which have depreciated fast against the US dollar.The Indian rupee has been one of the worst hit. ...Indian Express on Sept. 5, 2013, 12:26 a.m.
...The global financial crisis and the sovereign debt crisis in Europe have ensured that some of the world's biggest players in global trade are delegated to playing a marginal role.This has had its effect on global trade, with the last five years producing an annual average growth of only 2.2 per cent.The outgoing WTO chief's biggest regret, however, would be ending his term with the world showing distinct signs of losing faith in the multilateral trade system.This is not only due to lack of movement on the Doha Development Agenda (DDA).Developing countries and emerging markets are unhappy over the DDA not coming through in the WTO.The developed world, meanwhile, realises that pushing through its own trade agenda in the WTO and the DDA is virtually impossible, given the WTO's emphasis on consensus. ...Indian Express on May 13, 2013, 12:44 a.m.