1945

Enhancing the share of global trade, aid and financial flows

In May 2001, the Brussels Programme of Action (BPoA) emphasized the importance of enhancing the share of the least developed countries (LDCs) in global trade over the period 2001-2010. This would be done in order to foster the economic growth and development of these countries (Commitment No. 5). The regional mid-term review, however, noted that the trade related and other commitments made under the BPoA remained substantially unfulfilled for the Asia Pacific LDCs. In addition, these countries’ efforts to gain increased share in global trade and investment were seriously undermined by the recent financial crisis and global economic downturn. Though this financial slump did not originate in Asia, it created substantial adverse impacts on the Asia Pacific LDCs’ economies. These effects were transmitted through various channels, including trade in goods and services, foreign direct investment (FDI) inflows, remittances, official development assistance (ODA) flows, and adverse consequences for the financial markets.

Related Subject(s): Economic and Social Development
Sustainable Development Goals:
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