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Trade Issues Crucial for Effectively Dealing with the Global Financial Crisis (November 2008)

Rethinking Bretton Woods | Sun, Nov 30, 2008

By Aldo Caliari
Leaders of the G20 countries gathered at an Economic Summit in Washington, over the weekend, decided to launch a process to implement reforms of the international financial system. A similar effort is underway at the UN to convene a summit next year. With so much attention focused on the response to the global financial crisis, it would be easy to assume trade issues will take a backseat to financial ones.

For developing countries, this approach would be a tragedy. As the financial crisis continues to unfold, events are making it painfully clear that trade is the main channel by which the financial crisis will make its impacts felt on them, especially on their real economies.

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