LDCs seek preferential market access to developed world

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ISTANBUL, Jun 2 (UNB): Developing countries at a trade summit here sought support to the sustainable development efforts of the least-developing countries (LDCs) as well as preferential market access of their exports to the developed world, especially as a way of weathering the economic crisis on stream.
The unanimous call came from the commerce and trade ministers of 37 developing countries, including Bangladesh, as they concluded the first Trade Ministers Summit here Monday afternoon.
The joint move was initiated in the wake of the current global economic recession when the global economy was experiencing its worst performance ever since the post-Great War Great Depression on the economic front.
Commerce Minister Faruk Khan represented Bangladesh in the trade summit held at Ciragan Palace with Turkish Minister for Foreign Trade Zafer Caplayan presiding.
The countries attending the summit contribute 12 per cent to world trade. Out of these, 24 countries have positive growth despite recession, and according to IMF estimations, foreign trade of these countries will be going up.
In its declaration dubbed Turkey-World Trade Bridge 2009, the trade ministers urged the world community to keep in mind that free trade and investment supported by development-oriented cooperation programmes, targeting especially the LDCs, was the best policy to revitalise their economies.
The trade ministers emphasised that the bilateral commercial bonds founded Monday would play a key role in the recovery of their economies affected by the global economic crisis.
In the declaration the ministers confirmed that constitution of sound relations in trade depends foremost on establishing closer and constructive cooperation among the developing nations through mutual understanding and ascertained efforts.
After a daylong session, the trade ministers resolved to ensure long-term collaboration in the fields of investment, trade facilitation, energy and transportation through enhancement of common dialogue.
The participating nations pledged to intensify relations among them by sharing experiences on industrial development and economic growth.
"We stand ready to enhance the development-oriented cooperation patterns for least-developed economies, especially the economies in Africa, to help our partners in their fight against poverty and to alleviate their product dependency in trade," the declaration says.
Commerce Minister Faruk Khan in his statement at the summit said the developing nations were now suffering from wrong policies of the developed world. He sought proportional share of the US$1.13 trillion fund committed at the recently held G20 Summit in London for the LDCs to grapple with the spilled-over impacts of recession.
Khan also pressed for quota- and duty-free access of LDC products to the developed market. "Developing nations seek aid for trade," he said.
Under Secretariat of the Turkish International Trade Ministry and Tuskon organised the summit to find out ways of overcoming the economic recession.
Turkish Trade Minister Zafer Caplayan said the protectionism by some developed nations in this economic recession cast further negative impacts on the international trade.
"Since it's a global crisis, it needs a global solution as no country alone can solve the problem," he told the meet.