CPD
Releases Interim IRBD 2003
(From page-1)
the
higher off-take of savings instruments (despite
the rate cuts). Term loan disbursement decreased
by 18.4% in the first quarter of FY03 in comparison
with a 47% increase during the matched period
of the last fiscal year. This suggests that
investor confidence level continues to be very
low.
Dr.
Bhattacharya noted that the trend in revenue
collection may also trigger a recession as the
collection from the import sector has suffered
some decline. This may force the government
to shift attention to internal trade related
revenues. Collection of revenue in line with
the budgetary targets coupled with high control
exercised by the government on public expenditure
have helped further consolidation of the fiscal
balance. However, the continuing mismatch between
macro-stability and micro vulnerabilities now
poses a major challenge for the government.
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Dr.
Bhattacharya expressed concern over foreign direct
investment which has been especially lacklustre
with only US$7 million recorded during the first
quarter of the current fiscal resulting in a fall
of over 30% compared to the corresponding review
of the last fiscal. Commenting on inflation, he
felt there was no reason for panic about the rising
rate, which was still moderate. However, to a
large measure, the recent rise in price level
is largely cost-pushed rather than demand driven.
If the government is to meet the desired 6% growth
rate, it will need to take steps to raise domestic
demand. In this regard, Dr. Bhattacharya suggested
that a three pronged strategy will need to be
pursued by the government involving fiscal stimulus,
credit expansion and acceleration of public expenditure.
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Environmental
Issues in WTO Negotiations
Call for an Integrated Policy on Trade and Environment
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On
December 20, CPD organised a dialogue on WTO and
Environment at the Science Annex Building of Dhaka
University in cooperation with the Bangladesh
Paribesh Andolon (BAPA). Dr. Toufiq Ali, Bangladesh
Ambassador and Permanent Representative in Geneva,
chaired the session while Dr. Fahmida Akter Khatun,
CPD Fellow and Research Fellow, BIDS, presented
the keynote paper prepared by CPD's Dr. Debapriya
Bhattacharya, Professor Mustafizur Rahman and
herself.
The keynote presentation highlighted the salient
features of the ongoing negotiations in the WTO
on environmental issues, the tasks emerging from
the decisions of the Doha Development Round and
the steps that Bangladesh should take. The dialogue
participants, representing various facets of Bangladeshi
society from academia, industry, NGOs and experts
associated with the green movement, highlighted
the importance of extensive research on environmental
issues to identify policies and strategies which
would best serve Bangladesh's interests. They
continued that if this is not done, future trade
deals may go against Bangladesh's interests, raise
the cost of production which may lead to a loss
of competitiveness in the international markets.
They underscored that environment was becoming
increasingly important and Bangladesh's policymakers
should accord due attention to the relevant issues.
The issues were related with the cause of sustainable
development, compliance with standards and competitiveness
in the global market place. They also warned that
the industries at home might witness further tightening
of environmental regulations unless the country
properly and effectively negotiates the green
issues in the WTO.
Some of the speakers observed that more and more
environmental restrictions are being imposed on
the country's trade and, as a result, it has become
harder to gain market access in a number of products
of export
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Bangladesh
Permanent Representative to the WTO, Ambassador
Dr Toufiq Ali discusses the environmental issues
in WTO negotiations. From left to right: CPD
Research Director Professor Mustafizur Rahman,
Executive Director Dr Debapriya Bhattacharya and
Fellow, Dr Fahmida Akter Khatun are also in the
picture.
interest to the LDCs, such as Bangladesh. These
are related to such products as leather, shrimp
and agricultural products. They stressed the need
for coordination among the concerned ministries
and governmental agencies to formulate an integrated
policy on trade and environment related issues,
which Bangladesh could pursue in the WTO.
Airing concerns for sustainable development, the
participants held thatBangladesh had to prepare
herself for a mutually supportive trade policy.
They called for capacity building at the public,
private and the academic sectors so that the issues
arising out of the WTO negotiations on the environment
could be addressed effectively.
Dr. Abdur Razzaq, an MP, underscored the need
for forming a parliamentary caucus on environmental
issues to raise public awareness in this regard.
There was a need to push the green measures through
the legislative
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| CPD
Quarterly |
October-December
2002
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