There is no
denying the fact that, as UNCTAD’s mandate has become multidimensional, so its
achievements have therefore been of different kinds. As UNCTAD provides a
universal forum for policy analysis, so for consensus on trade policy issue it
can help to prepare ground for later negotiations within World Trade Organisation.
UNCTAD and World Trade Organisation should co-operate with each other in the
field of international trade. It is encouraging that two officialdom has
already started their co-operation. In their joint meeting held in 8th Oct.
1996 World Trade Organisation Director General said “the convergence between World
Trade Organisation and UNCTAD was evidenced in regular meetings between the heads
of the two organisations, joint research projects, co-ordinated technical
assistance and generally a more intense working relationship at all levels of
the organisations.” As the main functions of World Trade Organisation are the
implementation and negotiation of contractual trading rules and discipline,
there is considerable scope for complimentarily between World Trade Organisation
and UNCTAD. The policy analysis and consensus building functions of UNCTAD can
make essential contribution to the intergovernmental consideration of trade
issues to the point where they can be fruitfully negotiated in World Trade Organisation.
The most noteworthy
accomplishment includes the following:
a) The agreement
on Generalised System of Preferences,
b) The setting up
of the Global System of Trade Preferences among developing Countries (1989); c)
negotiation of International Commodity Agreements;
d) The
establishment of transparent market mechanisms in the form of intergovernmental
commodity expert and study groups, involving consumers and producers;
e) The
negotiation of the Common Fund for Commodities;
f) The adoption
of the resolution on the retroactive adjustment of terms of Official
Development Assistance (ODA) debt of low-income developing countries;
g) The establishment
of guidelines for international action in the area of debt rescheduling;
h) The Programme
of Action for Least Developed Countries and
I) the
negotiation of convention in the area of maritime transport. In addition to
above UNCTAD made some contributions on matters for implementation in other
forums.
It is a
significant fact that the facility for export earnings may occur shortfall of
developing countries; the creation of the Special Drawing Rights (SDR) by IMF;
the reduction of commercial bank debt for the highly indebted countries
promoted by the World Bank. UNCTAD had also some contribution in the area of
code of conduct for the transfer of technology, computerised systems in the
area of customs and debt management. Although for many limitations as I
mentioned earlier UNCTAD could not fulfil all expectations but it has tried and
still trying with its limited resources to do its work. For the cause of the
developing countries the role of UNCTAD should be strengthen. To make it more
dynamic and effective some measures should be taken like as follows:
a) The Third
World countries should minimise their differences and have to
sacrifice their own interest for the sake of other developing countries. It
will be easier for UNCTAD to work in a co-operative atmosphere than of
conflict.
b) UNCTAD should give
emphasis those issues in which it possesses considerable expertise.
In this context, the
proposal as has been mandated cannot be envisaged in order to alter its earlier
position, but to focus more strongly on specific matters which are covered
little if at all by other organisations.
In trade field UNCTAD should give importance on consensus building. In
post cold war economic environment, the need for collective action by the Third World countries to meet the evolving challenges is
more important than ever. UNCTAD is the only body in the UN which has some
scope to deal with global economic issues from a development perspective.
UNCTAD should be equipped for that purpose. i) UNCTAD’s monitoring and analytical
capacities should be increased sufficiently.
ii) Its efficiency in the
area of foreign investment, technology transfer, competition policy regarding
Multinational Corporation should be strengthening. iii) UNCTAD should prepare
its answer for Third World country regarding
liberalisation and regional groupings.
In view of the
above discussion, it is evident that in marinating cordial relationship among
countries, the UNCTAD has a vital role in standardising the price level and
economic structure virtually through out the world. Since it has been
reorganised to make it more efficient there is no need to dismantle it. Because
it still serves a primary purpose to achieve international co-operation in
solving international problems of an economic nature. And UNCTAD is the only
organisation in the world which gives the impression of being trade and
development in an integrated way which is very important as a tentative flow.
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