Financial Express Bangladesh
NEW YORK, Jul 1 (PTI): Developing nations need to adopt strategic trade andindustrial policies by not opening up important industries too early and byintroducing sequenced tariff barriers with a clear timeframe, according to a newUnited Nations report.They also need to focus on agriculture, emphasise investment in rural development,maintain tariffs on food imports and ensure that global trade negotiations agree onspecial safeguard mechanism, recommends the report which lays out an eight-pointstrategy for the development.The developing nations of Asia and the Pacific, it emphasises, need bold newdomestic policies to benefit from free trade and urges the industrialised nations toback fair trade policies giving the poorer nations a chance to compete in the globalmarket place.It also calls for investment in competitiveness, including in education and researchespecially in agriculture and trade-related infrastructure.The report 'Trade on Human Terms: Transforming Trade for Human Development inAsia and the Pacific' commissioned by the UN Development Programme's (UNDP)was released Thursday in the Cambodian capital Phnom Penh.It finds that Asia's opening to the global market has propelled record economicgrowth and reduced income poverty in much of the region. Its cheap, labourintensivemanufacturing and high-tech goods have made it the "factory" of theworld.
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