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There actually seems to be hope that next week’s G20 summit will move beyond the tired mantra to finish the Doha Round and give a push to the Millennium Declaration commitment to provide duty-free, quota-free market access for the world’s poorest countries. This is an opportunity to contribute to job creation and growth when the global economy is still fragile. Furthermore, it would have minimal impact on importing countries since the least-developed countries account for around 1 percent of global trade.
This blog entry also appeared on the Huffington Post.
Leaders of the world’s richest nations have repeatedly pledged to offer the world’s poorest countries duty-free, quota-free (DFQF) access to their markets. Such access is one of the most powerful tools that high-income countries have to help poor countries to help themselves. The upcoming G-20 summit in Pittsburgh is an opportunity for the world’s leaders to finally deliver on this promise.
The outcome of today’s G20 summit has become even more critical for developing countries as the World Bank revised the 2009 forecast for GDP growth in the developing world to 2.1 percent down from 5.8 percent in 2008. But a draft copy of the G20 communiqué published by the Financial Times could go farther in its commitment to help the world’s most vulnerable countries.