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Draft CHOGM economic declaration

Dhaka’s proposals on trade, micro-credit incorporated
EDINBURGH. Oct 26: The draft of Edinburgh Commonwealth economic declaration, to be adopted tomorrow at the concluding session of the CHOGM. incorporated two suggestions put forward by Bangladesh, reports BSS.
The suggestions on trade and micro-credit were put forward by Prime Minister Sheikh Hasina when she took part in the deliberation of the first exclusive session on the opening day on Friday.
The heads of government of Commonwealth strongly sup-
ported Bangladesh 3 stand on expansion of duty-free market and microcredit facilities.
They aK-' - nppn. l<-.' the expansion of r'piy-frce market access with flexible rule of origin for the exports of the least developed countries, strengthening the multilateral trading system, within the framework of the World Trade Organisation in order to provide for the greater flow of international trade on the basis of agreed rules which are fair and equitable and support the full implementation of the Uruguay
round agreements.
The declaration opposed the introduction of new tariff bar-■■iers and the use of unilateral actions and bilateral pressures which run counter to the spirit of tile WTO.
The declaration said it would also continue to support regional arrangements, consistent with multilateral liberalisation under WTO. which promote the economic growth of their members.
The draft declaration touched upon various issue namely investment, environment. trade, and development and said that the world peace, security and social stability could not be achieved in condition of deep poverty and growing inequality. Special measures are essential to correct this, and in particular to help the Integration of countries, especially small states and the least developed countries.
The heads of government resolved that commitment to market principles, openness to international trade and investment, the development of human and physical resources, gender equality and good governance and political stability remain major components of economic and social progress. The Commonwealth, with its shared traditions and global reach, is uniquely placed to play a key role in promoting a shared prosperity amongst its members, the declaration said.
The CHOGM welcomed the recommendations of the first ever Commonwealth Business Forum held in London on October 22-23 and said the Forum can be an Important link between private and public sectors and foster vibrant private sector business links.
On investment, the declaration said the investment flows can bring benefits and that sound macro-economic policies and financial systems, strong regulatory and supervisory frameworks and political stability are essential in encourag-
ing inward flows.
The declaration further said the heads of government supported strengthening of global and regional mechanisms to help countries handle capital market volatility, vulnerability of their members and establish a task force to address the concerns of small states.
The declaration while commenting on the environment said. "We have a shared interest in protecting our environment, a global resource in which all countries have a stake. It is. therefore, incumbent on the global community to strengthen cooperation to achieve sustainable development. so that we can protect our planet for future generations."
The Commonwealth heads of government decided to establish a trade and Investment access facility under the Commonwealth umbrella to assist developing countries with the process of adjusting to. and taking advantage of. the opportunities of globalisation. They also decIdea to explore for deepening trade relationships among Commonwealth members, and requested the secretariat to report to them before the 1999 CHOGM on the scope and possible systems and mechanisms for improving trade among members of the Commonwealth.
It also decided to work towards a comprehensive solution to the debt problem, and pursue vigorously the rapid implementation of the highly
indebted poor countries' (HIPC) initiative, in line with the Mauritius mandate, which has the aim of enabling the HIPC countries to have embarked by the year 2000 on securing a sustainable exit from their debt burden.
The declaration further pointed out to promote the role of micro-credit schemes in reducing poverty through increased assistance from the international community.
The heads of government agreed to enhance the Com monwealth's role in building consensus on global economic issues and on an equitable structuring of international economic relations. "We also agree to sustain and where pos stole increase bilateral assis tance among our members and to ensure the flow resources to the secretariat and its various funds, especially the Common wealth Fund for Technical Cooperation (CFTC) and to the Commonwealth Foundation. Commonwealth of Learning (COL) and the Commonwealth Partnership for Technology Management (CPTM) '
"We believe the Commonwealth can play a dynamic role in Implementing trade and in vestment so as to enhance pros perity. accelerated economic growth and development and advance the eradication of poverty in the 21st century We plan to pursue this with vigour, the declaration said