As American lawmakers and the Trump administration prepare the ground for introducing a border adjustment tax, many controversial issues have emerged, including whether they go against the rules of the World Trade Organisation (WTO).
A new and deadly form of protectionism is being considered by Congress leaders and the President of the United States that could have devastating effect on the exports and investments of American trading partners, especially the developing countries.
Over the last four decades, the Washington Consensus, promoting economic liberalization, globalization and privatization, reversed four decades of an earlier period of active state intervention to accelerate and stabilize more inclusive economic growth, associated with Franklin Delano Roosevelt and John Maynard Keynes.
The global lack of confidence and trust is undermining the ability to solve the world’s complex problems, said UN Secretary-General during an international conference.
The 2008-2009 financial breakdown, precipitated by the US housing mortgage crisis, has triggered an extended stagnation in the developed economies, initially postponed in much of the developing world by high primary commodity prices until 2014. Yet, the financial crisis and protracted economic slowdown since has not led to profound changes in the conventional wisdom or policy prescriptions, especially at the international level, despite global economic integration since the 1980s.
As Caricom countries struggle to move away from their traditional reliance on a single industry or major crop in the face of growing economic uncertainty worldwide, they are finding it increasingly difficult to enter markets in the EU and North America with new types of food products.
New US President Donald Trump has long insisted that its major trading partners having been taking advantage of it. Changing these trade terms and conditions will thus be top priority for his administration, and central to overall Trump economic strategy to ‘Make America Great Again’.
Even as the global community set out the 17 Sustainable Development Goals last year, a realization that stood out is that no single unit has the wherewithal to achieve such lofty goals – they will only be achieved through partnerships.
The Republic of Ecuador, currently chair of the largest single coalition of developing countries at the United Nations, is reviving a longstanding campaign for the creation of an inter-governmental UN tax body and the elimination of tax havens and illicit financial flows.
New American President Donald Trump has long insisted that the United States has been suffering from poor trade deals made by his predecessors. Renegotiating or withdrawing from these deals will be top priority for his administration which views trade policy as key to US economic revival under Trump. What will that mean?
Development advocates and professionals are very keen on harnessing the power of agriculture to promote the cause of climate change these days. And rightly so, because agriculture is both a major emitter of greenhouse gases and so a potential force for mitigation, and because billions of people will need to eat, and so adaptation is an absolute necessity.
The year 2016 has seen a massive population flow, unprecedented in its range and reach. Millions of people have fled war-torn communities, natural disasters and violence, some overflowing neighboring countries’ refugee camps, some crossing perilous seas and walking hundreds of miles to reach safer grounds, others seeking refuge in countries half a world away. Thousands have died on their way to safety, countless more were victims of violence and abuse, among them many women and children.
The Asia-Pacific region is at a turning point in its energy trajectory. The energy solutions that have fuelled growth in the region over the past few decades are no longer compatible with the sustainable development aspirations of our nations and their people. In transitioning to a new era of sustainable energy, policymakers across the region face complex decisions. Supplies must be secure and affordable, and they must fill the energy access gap which leaves half a billion people across the region without access to electricity. At the same time mitigating the local impacts of energy generation and use will be vital in resolving problems such as the air pollution choking our cities and the global consequences of greenhouse gas emissions causing climate change. Solutions exist, but only through regional cooperation and integration can Asia and the Pacific transition to sustainable energy in time to meet the ambitious 2030 Agenda for Sustainable Development and its Goals.
US President-elect Donald Trump has announced that he will take the US out of the Trans-Pacific Partnership (TPP) Agreement on the first day of his presidency in January 2017. Now, it is widely expected that Trump’s presidency will increase US trade protectionism, and consequently by others in retaliation, possibly triggering serious trade conflicts with difficult to predict consequences.
So-called free-trade agreements (FTAs) are generally presumed to promote trade liberalization, but in fact, they do much more to strengthen the power of the most influential transnational corporations of the dominant partner involved. While FTAs typically reduce some barriers to the international trade in goods and services, some provisions strengthen private monopolies and corporate power.