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Business & Finance News
Thursday, September
11, 2003 Head Lines Poor and rich face off at Cancun trade talks The Bangladesh Observer
CANCUN (Mexico), Sept
10:–Developing countries repre-senting more than half the world's
population raised the stakes yesterday on the eve of crucial global
trade talks by demanding rich states slash lavish subsidies to their
farmers, reports Reuters.
The demand reflects the determination of poor nations to wrest power from the United States, the European Union and other rich countries within the World Trade Organisation, setting the stage for a tense five- day meeting in the Mexican beach resort of Cancun.
As 4,700 delegates from 146 countries strove to forge alliances before the talks, about 1,000 political activists protested outside the city's main hotel zone, which was sealed off for a time with 8-foot (2.4-metre) high barriers.
Waving hammer-and-sickle flags of the former Soviet Union and black anarchist flags, the protesters screamed anti-American and anti-Israeli slogans, but there were no clashes with the 200 riot police deployed.
About 10,000 Mexican peasants are expected to stage a demonstration on Wednesday, the opening day of talks aimed at paving the way for an agreement by the end of next year to lower global barriers to trade in goods and services.
The World Bank has estimated that a deal could produce income gains of as much as $520 billion by 2015, lifting 144 million people out of poverty.
Supachai Panitchpakdi, the WTO's Director-General, said failure would deal a serious blow to the world economy.
"The weak global economy urgently needs a stimulant that significant further liberalisation of world trade can bring. A successful conclusion of the round is thus key to reviving the global economy," he said.
"Failure is not an option. It would send a very damaging signal around the world about prospects for economic recovery and would result in more hardship for workers around the globe, particularly in poorer countries."
Fresh impetus
The search for a new
global trade deal began in November 2001 in Doha, the capital of Qatar,
but most of the deadlines since then have been missed. The aim of the
Cancun talks is to breathe new life into the talks.
Countries remain wide apart on an array of issues, but all agree on one thing: without progress on agriculture, the talks are doomed to failure.
Poor countries are bitter that rich-country governments spend some $300 billion a year on aid to their farmers, leading to over-production that is then exported at subsidized prices to the developing world.
Calling the subsidies an economic and ethical "aberration", a recently formed informal group of 21 countries, including Brazil, China and India, said they would work together at Cancun to force rich countries to scrap the handouts.
The group, which includes countries such as Argentina and South Africa that are members of the existing Cairns Group of farm-exporting countries, accounts for nearly two-thirds of all farmers and 51 per cent of the world's population.
Celso Amorim, Brazil's Foreign Minister, acknowledged the sheer diversity of the group meant its unity would be sorely tested in Cancun. India, with its 650 million poor farmers, fiercely opposes any significant opening of its domestic market.
"We were able to unite developing countries because we all share the same goal of liberalising world trade while taking account of the needs of the poorest countries," Amorim told a news conference.
Alec Erwin, South Africa's Trade Minister, added, "How do you expect Africa to begin the industrialisation process using its agricultural strength if it can't get into these markets?"
The EU, which spends about $100 billion a year on farm subsidies, reaffirmed its willingness to eliminate some export handouts that particularly harm developing countries.
But Pascal Lamy, the
EU's trade commissioner, gave a foretaste of the arguments to come by
telling reporters that the importance of agriculture in Europe meant it
"cannot simply be integrated into world trade like other sectors."
Palm oil being smuggled out to India
The Bangladesh Observer SATKHIRA, Sept 10:–Palm oil is being smuggled to India through several border points resulting in an increase in the price of the imported edible oil in the district in recent time, reports BSS.
Market sources said a
group of smugglers are sending a huge quantity of palm oil to India
every day to make bulky profit as the price of the item on the other
side of the border is much higher.
Due to non-availability
of the edible oil, the sources said, the price of the item has increased
in the local markets in the last few months.
Palm oil sells at Taka 38 per kilogram in different markets in the district while it is selling at 40 to 42 in Indian currency in different markets of India.
Palm oil is being smuggled out to India through Koikhali, Bhatshala, Khanjia, under Kaliganj Upazila, Noapara, Town Sripur, Parulia, Padma Shakra border points under Debhata Upazila and Bhomra, Gazipur, Boikari under Sadar Upazila, Garakhali, Keragachi, Toluigachi, Bhadiali, and Madra under Kalaroa Upazila of the District.
A comparatively better
refined Bangladeshi palm oil is now being sold in Hashnabad, Habashpur,
Tayali, Balti, Amudia, Doyakanda, Etinda, Ghozadanga, Boshirhat and
Barashat Bazar in India, the sources added.
Local businessmen allege that a good number of people in the frontier villages are engaged in the smuggling in collusion with corrupt elements with the law enforcing agencies. Revenue collection exceeds target by Tk 21cr in July-Aug Star Business
Report, The Daily Star Sources at the National Board of Revenue (NBR) said Tk 3,397.05 crore was collected during July-August of this fiscal crossing the target of Tk 3,375.92 crore. The collection was Tk 3,138.50 crore during July-August of FY2002-03. NBR officials said revenue collection from both import and internal sources was satisfactory during the period. Though the target could not be achieved at import level, the collection of value added tax (VAT) at domestic level exceeded target by Tk 50. 91 crore. During the period, Tk 576.66 crore was collected in VAT at domestic level against a target of Tk 525.75 crore. VAT collection at import level, however, narrowly missed the goal -- Tk 622.50 crore against a target of Tk 624.68 crore. The collection of income tax also exceeded target by Tk Tk 8.19 crore during the two months. The revenue collection from income tax was Tk 438.19 crore against a target of Tk 430 crore registering an 8.91 per cent rise over last year's figure. On the other hand, the collection of import duty, supplementary duty and VAT at the import level during the two months was Tk 1,863.02 crore against a target of Tk 1,866.30 crore or Tk 3.28 crore short of target. The collection of import duty, the highest source of revenue earnings, was Tk 1,041.75 crore chasing a target of Tk 1,052.46 crore. Though the collection missed target by Tk 10.71 crore, it posted a 7.21 per cent rise over the corresponding period of FY 2002-03. Revenue earning at the domestic level was Tk 1,048.59 crore against a target of Tk 1,023.32 crore posting a surplus of Tk 25.27 crore. The earnings from both supplementary duty and excise duty at domestic level missed target during the period. Revenue collection from other sources of tax and duty amounted to Tk 47.25 crore, against a target of Tk 56.30 crore. In a bid to further boost the revenue collection, NBR on Saturday gave special directive to all 19 customs commissionarates asking the officials to put their best efforts to achieve the revenue target set for the current fiscal. The government has fixed Tk 27,750 crore revenue collection target for the 2003-2004 fiscal, which is 16.84 per cent higher than the target of the previous fiscal. Sources said if outstanding taxes of different government agencies can be realised, collection would increase in coming months. Government agencies and corporations defaulted in payment of import duties and taxes worth Tk 1, 000 crore in the past three years. Global economy to bounce back in a year: Analysts AFP,
Washington, The Daily
Star The bullish outlook is menaced, however, by the threat of a spike in energy prices, a shock to emerging confidence, uncertain levels of private investment and the bulging US current account deficit. World economic output is set to expand by 2.5 per cent in 2003 when compared to a year earlier, speeding to 4.25 per cent growth in 2004, ex International Monetary Fund chief economist Michael Mussa said Tuesday "I think we are looking at a new beginning at least for the global economy," Mussa told a twice-yearly conference here hosted by the Institute for International Economics. In the first half of 2003, the global economy had suffered slow US growth, near-zero European growth, Severe Acute Respiratory Syndrome (SARS) in Asia, and a weak Latin America, Mussa said. But "in the second half of the year I think we are undoubtedly looking at a substantial pickup in global growth to about a four per cent annual rate that should be pretty well sustained at least through 2004," he said. Germany and perhaps a few other Europe countries would lag, but most of the world would share in the recovery, he said. Growth would rise from 1.5 per cent this year to 3.0 per cent in 2004 in the United States, from 1.5 per cent this year to 2.0 per cent in 2004 in Japan and from 0.75 per cent to 2.0 per cent in Western Europe, he said. In developing Asia, growth would be ramped up from 5.5 per cent in 2003 to 7.0 per cent in 2004, with China speeding from 7.25 per cent to 7.75 per cent and India from 6.0 per cent to 6.5 per cent. Over the next year and a half, swings in oil prices could boost or drag down the performance. Stock markets, consumer and business confidence also were at risk because many people had built in expectations of a robust recovery, Mussa said. The key questions for the longer term were: -- Will private demand be sufficient to take over from the waning effects of tax and interest rate cuts in the United States, China and some other parts of emerging Asia? -- And will the US and global economies be able to adjust to a future decline in the unsustainable current account deficit, along with the expected plunge in the US dollar? For now, however, the outlook appeared bright. "It looks like the world economy is now in for a substantially more buoyant period with Germany and perhaps one or two other places in Europe lagging but with most parts of the world economy sharing in the sharp pickup," said Institute for International Economics director Fred Bergsten. Martin Baily, former chairman of the Council of Economic Advisors under then president Bill Clinton, said the key question mark over the US recovery was whether business investment could take over as the impact of easy monetary and fiscal policy waned. A further decline in the dollar's value also would help, he said. Baily sharply criticised President George W. Bush's tax cut policy for driving up the deficit. Bush, who has said he has a plan to halve the budget deficit within five years, asked Congress Sunday for an extra 87 billion dollars to finance the military and reconstruction in Iraq. Prior to his new request, the 2004 US budget had been estimated to run a record 480-million dollar deficit, according to forecasts from the bipartisan Congressional Budget Office (CBO). "I think we are on an irresponsible path of fiscal policy at the current time," Baily said. "There is no question that the tax cuts have helped make the recession mild and are helping the recovery now," he said. "They are providing a fiscal stimulus along with the increased spending but if we keep that up over the long run, that will raise interest rates, push up the dollar, worsen the trade deficit and hurt manufacturing jobs," he warned. "It is irresponsible, not because of the short-run stimulus but because of what it does to the long-term stimulus." Under one of Baily's worst scenarios, which assumed temporary tax cuts were made permanent and spending remained at a constant share of economic output, the US budget deficit would be expand to far more than 500 billion dollars every year from 2008 at least until 2015. That scenario was calculated before Bush asked for the extra money to finance the engagement in Iraq. From GATT to WTO: A brief history
Reuters, London,
The Daily Star October 30, 1947 - The "General Agreement" is signed by 23 countries at Geneva's Palais des Nations after the first-ever "trade round". It is the first attempt to write a rule-book for commerce, and includes tariff cuts on one fifth of world trade. January 1, 1948 - The agreement goes into force with a temporary Secretariat to administer it. A new world body, the International Trade Organisation (ITO) is to be formed later. March 24, 1948 - 53 countries agree in Havana to create the ITO, which is to have similar authority as the International Monetary Fund and the World Bank. But the U.S. Congress balks at approving it, and the temporary GATT becomes in effect a permanent organisation. 1949 - Annecy Round. The first round of negotiations supervised by GATT, held in the French lakeside city of Annecy in the Alps south of Geneva. A total of 13 GATT member states, termed "contracting parties", agree to 5,000 tariff concessions. 1950 - Torquay Round. Between September 1950 and April 1951, 38 GATT members meeting in the southwest England resort exchange 8,700 tariff concessions yielding reductions of about 25 per cent on 1948 levels. 1956 - Geneva Round. Completed in May by 26 countries, it produces $2.5 billion worth of tariff reductions. 1960 - Dillon Round. Named after US Under-Secretary of State Douglas Dillon, who proposed the negotiations. Involving 26 countries meeting in Geneva, the round focuses largely on harmonising concessions within the new European Economic Community. It finishes in July 1962 with about 4,400 tariff concessions covering $4.9 billion of trade. 1964 - Kennedy Round. Named after assassinated U.S. president John F. Kennedy and also held in Geneva, this round dramatically increases the scope of GATT agreements. Its final act is signed in June 1967 by 62 participating countries representing 75 percent of total world trade. Concessions cover trade valued at an estimated $40 billion. 1973 - Tokyo Round. 102 countries negotiate agreements. Commitments not to increase current tariffs -- which cover more than $300 billion of trade. Subsidies, government procurement, dairy products and civil aircraft are brought under GATT's wing. 1986 - Uruguay Round. GATT's most ambitious round, bringing trade in services and agriculture into negotiations for the first time. Scheduled to end in December 1990, the thorny issue of farm subsidies which pits the United States against the EC delay accord by three years. Bitter negotiations end in 1993. 15 April 1994 - Ministers from some 120 countries sign Final Act of Uruguay Round in Marrakesh and replace GATT with a permanent trade watchdog, the World Trade Organisation or WTO. Nov-Dec 1999 - U.S. officials declared an end to the WTO meeting as time ran out for solving deep differences on farm subsidies to labour standards between the 135-member nations. Nov 2001 - Doha Round. Trade ministers from more than 140 countries meeting in Doha, Qatar, agree to launch the new series of talks, promptly dubbed "the Doha Round", to cut farm subsidies, industrial tariffs and other trade barriers. Mar 2003 - WTO abandons a March 31 deadline for an outline agreement on farm trade reform, casting a shadow over Doha. May 2003 - Three days of troubled global trade talks end in Geneva with two more deadlines missed and no deals for cutting industrial tariffs or reforming WTO dispute settlement system. Sep 2003 - Under the auspices of the WTO, nearly 150 developed and developing countries open a new round of talks to free up world trade in Cancun, Mexico. The talks aim to lower business barriers in all areas of trade, but a string of deadlines have been missed in the so-called Doha Round.
ECNEC approves 10
development project The Bangladesh Observer
The Executive Committee of National Economic Council
endorsed 10 development projects involving Tk 1903.86 crore, including
Tk 644.87 crore estimated as project aid, reports UNB.
Approval to the projects was given at an ECNEC meeting
held at the NEC Bhaban in Dhaka with Finance and Planning Minister M
Saifur Rahman in the chair.
The projects include Kashinathpur-Kazirhat road
development and Natakhola ferry ghat link road (amended) and Dhaka urban
transport (amended) under the Ministry of Communications; construction
of a 4-storied annex building on the premises of Bangladesh Supreme
Court (amended) under the Ministry of Law, Justice and Parliamentary
Affairs; modernisation of six textile institutes (amended) under the
Ministry of Textiles and establishment of 80mw gas-turbine power plant
and related transmission system (amended), and setting up Tongi 105mw
gas-turbine transmission system (amended) under Power Division.
The other projects endorsed are: expansion of polder-69
(2nd amended) under the Ministry of Water Resources; forestry sector
project (amended) under the Ministry of Forest and Environment;
construction of big bridges or culverts on important feeder and rural
roads (2nd amendment) under the Local Government Division; crop
diversification project second phase (2nd amendment) under the Ministry
of Agriculture and construction of national song and dance centre (1st
phase) 2nd amended project under the Ministry of Cultural Affairs.
Also the meeting approved in principally the reports of
three projects and summaries of three others under the Power and Mineral
Resources Division and ministries of Education, Communications, Water
Resources and Agriculture.
LGED and Cooperative Minister Abdul Mannan Bhuiyan,
Textiles Minister Abdul Matin Chowdhury, Health and Family Welfare
Minister Dr Khandaker Mosharraf Hossain, Law, Justice and Parliamentary
Affairs Minister Barrier Moudud Ahmed, Communications Minister Barrister
Nazmul Huda, Agriculture Minister MK Anwar, Forest and Environment
Minister Shajahan Siraj, Post and Telecommunications Minister Barrister
Mohammad Aminul Huq, Water Resources Minister Hafiz Uddin Ahmad,
Education Minister Dr M Osman Farruk, State Minister for Cultural
Affairs Begum Selima Rahman and State Minister for Finance and Planning
Major General Muhammad Anwarul Kabir Talukder (Retd) attended the
meeting.
Cabinet Secretary, members of the Planning Commission and
secretaries and high officials of concerned ministries were also
present. |
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