Financial Crisis and Trade: Consultation with Asian Government Officials (August 2009)

Rethinking Bretton Woods | Sat, Oct 10, 2009

By Aldo Caliari

On July 2009, in Dhaka (Bangladesh), the Center of Concern, in cooperation with UN-ESCAP, held a regional consultation on the theme "Financial Crisis and Trade: Towards an Integrated Response." This is the second in a series of regional consultations that Center of Concern has been carrying out this year (click here for more information on the first one).
The consultation relied on the generous support of the Ford Foundation, the Swedish Ministry for Foreign Affairs and UN -ESCAP. It was carried as part of the regional seminar "Strengthening the Response to the Global Financial Crisis in Asia-Pacific: The Role of Monetary, Fiscal and External Debt Policies" and was attended by senior officials from Finance Ministries and Central Banks of 17 governments in the region, in addition to participants from intergovernmental organizations and civil society. 

In a statement at the end of the workshop participants said that Asia needs to develop new engines of growth as "Given the need to contain global imbalances, the United States and the European Union are unlikely to continue their pre-crisis role of engines for driving Asia's export led economic growth in the medium-term."
Download the full Outcome Document.
(recommendations emerging on trade can be found in paras. 31 and on)
Two papers were produced and provided background for the consultation.

Download "The Financial Crisis in Asia: Assessing the Relevance of Trade and Trade-related Channels" or powerpoint presentation.
Download "The Financial Crisis and Trade in Asia: Towards an Integrated Response" or powerpoint presentation
Download other materials produced at the workshop, including background papers for sessions on debt, fiscal and monetary policy 
Download a press clip