Global issues and regional cooperation
Friday, 11 July 2008
The Group of Eight or G-8 that includes the world's top eight developed and industrialized countries that account for more than two-thirds of the world's gross domestic product (GDP), have ended their summit meeting in Japan. Great expectations were pegged to this assemblage of the world's most powerful and also resourceful in the economic sense. It was expected that the G-8 leaders would be generous and decisive in addressing the very great challenges facing mankind as a whole such as global warming and food insecurity. But the G-8 meeting has been a rather let down in both respects and this is unfortunate. The G-8 leaders only ambiguously agreed on cutting emissions of greenhouse gases by 50 per cent from the current levels by 2050, a faraway date. No surprise that a media commentator in his reaction stated rather sarcastically that the Japanese prime minister would be over 130 years old at that time and would not survive to see the outcome of the agreement. What he was drawing attention to was the desperate need to cut emissions of greenhouse gases by 50 per cent a lot earlier-- by 2015 at the latest-- and firm commitment to that effect in view of the imminent environmental catastrophe to strike the world from unabated global warming as had been warned through a consensus of expert opinion on the issue.
G-8 leaders also disappointed by their avoidance of the biofuel issue. There can be no denying that mass production of biofuels from corns is at the root of the recent worldwide food shortages and not any uniquely stepped-up demand for foods in the developing countries. But even discussion on this burning issue seemed to be suppressed. A very well researched report to be presented to the conference to demonstrate the link between biofuel production and global food crisis, was not allowed to be admitted, purposefully as it appeared. Therefore, one will only hope that G-8 leaders would be duly sensitized by their failure to act with urgency and resolve in their just concluded conference and do some really serious follow-up works to make up for wasted opportunities.
Meanwhile, Bangladesh participated in the meetings of two regional groupings -- the D-8 or developing eight that includes eight Muslim countries and the BIMSTEC, a seven nation sub-regional grouping covering south and south-east Asia. The meetings did not deliver anything immediately but appear to have gone some way in planning a concrete course of action. Bangladesh has suggested in the D-8 group meeting the creation of a food fund and for the formation of a regional food bank in the BIMSTEC meeting. The suggestions appear to have been well received. The ministerial level meeting of the D-8 thrashed out agreement on turning the group into a dynamic one for regional cooperation. A roadmap was agreed on to substantially increase trade between the D-8 countries within a time-frame and to take facilitation measures to that end. The D-8, comprising some of the highest populated countries in the world along with ones with energy surpluses such as Iran, can indeed develop cooperation between themselves for sharing the benefits. In the backdrop of increasing adverse terms of trade and other negative externalities these countries are facing in their interactions with the developed countries , the D-8 countries can forge deeper economic relations between themselves boosting their trade, economic development, food security and energy security. The same vision applies in improving cooperation within BIMSTEC with a clear road map.
G-8 leaders also disappointed by their avoidance of the biofuel issue. There can be no denying that mass production of biofuels from corns is at the root of the recent worldwide food shortages and not any uniquely stepped-up demand for foods in the developing countries. But even discussion on this burning issue seemed to be suppressed. A very well researched report to be presented to the conference to demonstrate the link between biofuel production and global food crisis, was not allowed to be admitted, purposefully as it appeared. Therefore, one will only hope that G-8 leaders would be duly sensitized by their failure to act with urgency and resolve in their just concluded conference and do some really serious follow-up works to make up for wasted opportunities.
Meanwhile, Bangladesh participated in the meetings of two regional groupings -- the D-8 or developing eight that includes eight Muslim countries and the BIMSTEC, a seven nation sub-regional grouping covering south and south-east Asia. The meetings did not deliver anything immediately but appear to have gone some way in planning a concrete course of action. Bangladesh has suggested in the D-8 group meeting the creation of a food fund and for the formation of a regional food bank in the BIMSTEC meeting. The suggestions appear to have been well received. The ministerial level meeting of the D-8 thrashed out agreement on turning the group into a dynamic one for regional cooperation. A roadmap was agreed on to substantially increase trade between the D-8 countries within a time-frame and to take facilitation measures to that end. The D-8, comprising some of the highest populated countries in the world along with ones with energy surpluses such as Iran, can indeed develop cooperation between themselves for sharing the benefits. In the backdrop of increasing adverse terms of trade and other negative externalities these countries are facing in their interactions with the developed countries , the D-8 countries can forge deeper economic relations between themselves boosting their trade, economic development, food security and energy security. The same vision applies in improving cooperation within BIMSTEC with a clear road map.