Home / Knowledge / News / Textiles / Outlook for developing Asia looks brighter - DDG Singh

Outlook for developing Asia looks brighter - DDG Singh

19
Apr '10
Deputy Director-General Harsha V. Singh, in opening the presentation of the Asian Development Bank's “Asian Development Outlook 2010” at the WTO headquarters on 16 April 2010, welcomed the projected rebound of the developing Asia this year and underlined the importance of open trade in world economic recovery.

Opening statement at the Asian Development Bank's

I am very happy to welcome the Asian Development Bank to the WTO for the Launch of the Asian Development Outlook 2010 in Geneva. A warm welcome to the ADB team, and to the other experts and participants of this event. This event is another example of the collaboration between our two institutions, which has increased significantly at all levels in recent times. We work towards similar objectives of sustainable development and increasing opportunities available to our Members.

The ADB team is presenting their annual flagship report in our House for the first time, and they bring good economic news with them. According to their report: “with global recovery now under way, the outlook for developing Asia looks brighter. GDP growth is forecasted to rebound to 7.5% in 2010, with every sub-region expected to perform better than last year.”

This is very important because today many count upon Asia to help the world economy recover from the recession. This interest in the Asian region is from both countries within and outside the region. The interest arise on account of the trade and investment links among countries, and the importance of international trade in the recovery period ahead. As the Outlook 2010 Report says that “the gradual recovery of international trade is as much a consequence as it is a driving force of the economic bounceback”.

A significant feature of this bounceback or recovery which has taken place after a historic decline in economic activity is the relatively short period within which the global economy achieved a turn-around in comparison to previous economic crises. A crucial ingredient for this exceptional positive development is the co-ordination and co-operation amongst nations to deal with the crisis. These efforts were facilitated immensely by the presence of co-operative multilateral institutions, including the WTO and the ADB. As WTO Director-General Pascal Lamy pointed out yesterday in his speech in Santiago, Chile, one main difference between the world economic crisis today and the one in the 1930s is that we now have the discipline of the trade rules within which WTO members operate. Thus, despite the crisis, trade routes have remained largely open for the past two years, contributing importantly to the recovery process.

The ADB Report being launched now is on “Macroeconomic Management Beyond the Crisis” (my emphasis). Almost by definition when we consider macroeconomic issues, we are looking at the broader or systemic level. Sometimes, lessons learnt in dealing with a systemic concern, for example macroeconomicmanagement, has implications for other systemic issues, such as the system of trade rules and opportunities provided by the international trade regime. A number of statements in the Report struck me as being significant in this context, and I want to share some of them with you. “A long-standing tradition of fiscal and monetary prudence served the region well during the crisis. ... In fiscal policy, while it is of paramount importance to safeguard sustainability with strong medium-term fiscal policy frameworks, a wide range of measures can contribute to more balanced growth by removing structural impediments to domestic demand. ... Multilateral cooperation is equally important to avoid bilateral conflicts over exchange rate and trade issues.”

Click here for more details.

World Trade Organization


Must ReadView All

Pic: XiXinXing / Shutterstock.com

E-commerce | On 11th May 2021

China's e-commerce logistics activities grow in April

E-commerce logistics sector in China showed moderate growth in April...

Pic: Phaustov / Shutterstock.com

Retail | On 11th May 2021

British retail company JD Sports acquires Manchester-based Oi Polloi

British sports fashion retail company JD Sports has acquired the...

Pic: Tufts University

Textiles | On 11th May 2021

Tufts University steps towards sustainability in leather by using silk

Scientists at the Tufts University School of Engineering have created ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Fashion tech has to be lean and very productive

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Footwear Industry, Footwear Retailers

Footwear Industry
Footwear Retailers

Still struggling to mop up higher sales

Dr. Vijaya Kumar,

Dr. Vijaya Kumar

Dr MM Kariappa founded the Vogue Institute of Art & Design in 1996....

Amanda Cioletti,

Amanda Cioletti

The entertainment/character segment lead as the largest sector for the...

Yawer Ali Shah,

Yawer Ali Shah

Synthetic colours and dyes were all the rage till the very first ban on...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search