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Tuesday, 14 June 2011

Trade policy has become a fundamental development tool

Deputy Director-General Harsha V. Singh, in a speech at UNCTAD on 6 June 2011, said that “trade and trade policy have today become fundamentally important tools for attaining national development objectives and are also seen as crucial elements in the road to achieving the Millennium Development Goals.” Trade and development are inextricably linked. The role that trade can play for growth and development has long been recognized. The name of UNCTAD itself, with emphasis on Trade and Development, is testimony to the special contribution that trade can make to development, as is the Doha Development Agenda for trade negotiations at the WTO. Trade and trade policy have today become fundamentally important tools for attaining national development objectives and are also seen as crucial elements in the road to achieving the Millennium Development Goals.  As the international trading system has evolved over time, so has the intellectual understanding and insight about the key aspects of how this system contributes to development and to economic recovery.  Countries have moved from import substitution to export promotion, to emphasis on more open internal and external markets leading to greater efficiency, and periodic re-evaluations of their insights.

Source: WTO