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Some Preliminary Thoughts on New International Economic Cooperation
Now more than ever before there is a strong case for greater cooperation among the developing countries. The gains will be substantial and their losses may be small as they may not have to curtail much of their policy options. Even though the potential for additional benefits in North-South links is now very much limited, inertia and continuing momentum make it difficult for us to come out of this groove. It requires a new mindset to break from the past and tread a new path.
The developed countries have acted as engines of economic growth in the world for nearly half a century; but they may not continue to have that role for long. With their negligible population growth and low level of gross domestic product (GDP) growth, they are unlikely to generate significant additional consumer demand. As against it, the developing countries have been showing much promise for higher GDP growth and some among them have had high growth rates consistently for some years. Developing countries are turning around and some among them are widely considered as the home and hub of new prospects and o pportunities. With such emerging new trends, there is a need for fresh thinking on the pattern of economic cooperation among the countries with a view to identifying and working out some relevant and essential elements of a healthy new international economic cooperation. Such a new approach is particularly important for the developing countries.
The developing countries have been devoting a disproportionately large amount of time and resources to the negotiations with the developed countries in multilateral, regional and bilateral framework. Considering the changing world economic scene, they need to shift the focus from these activities to an intense exercise for expanding mutual prospects and opportunities among the developing countries.
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