Globalization Widens the Gap Between Rich and Poor - Brief Article
The Second Committee (Economic and Financial), chaired by Roble Olhaye of Djibouti, addressed a large number of sensitive issues concerning globalization and development, such as the diminishing flow of official development assistance (ODA), trade and development, environment and development, foreign debt reduction initiatives, the eradication of poverty, transfer of technology, international cooperation, new international financial architecture and foreign direct investment.
Mr. Olhaye described the session--which successfully completed its work on 22 December when the General Assembly ...view middle of the document...
7 per cent of their gross national product for overall ODA. Several delegations stressed the need for adequate and predictable financial resources for implementation of development programmes and for an increase in foreign direct investment.
Trade liberalization was intensely debated, particularly within the context of two major global forums on trade: the World Trade Organization's ministerial meeting in Seattle; and the tenth United Nations Conference on Trade and Development (UNCTAD X) in Bangkok. Developing countries called for greater access to global markets with preferential treatment. The Assembly deplored any attempt to bypass or undermine multilaterally agreed procedures on the conduct of international trade by unilateral actions inconsistent with the multilateral trade rules and regulations.
The Assembly called for the renewal of national, regional and international efforts to promote the greater involvement of the private sector in the prevention and resolution of financial crises. It also underscored the importance of a more equitable distribution of the cost of adjustments between the public and private sectors, as well as between debtors, creditors and investors.
Africa's development was the subject of several resolutions, including on the Second Industrial Development Decade for Africa, cooperation between the United Nations and the Southern African Development Community, and conservation and sustainable development of Central African forest ecosystems.