Yearbook of the United Nations, 2005. Part 3, Economic and social questions. Chapter 4, International trade, finance and transport
In 2005, the growth of world trade decelerated moderately, with the volume of merchandise exports slowing to 7.1 per cent, from 11 per cent in 2004. The deceleration was particularly evident in the developed economies. By contrast, many developing countries and economies in transition recorded relatively fast growing trade, albeit at a slower pace than in previous years. In the United States, import volume growth decelerated as the economy slowed with the maturing of the economic cycle, and the merchandise trade balance recorded a record deficit, despite faster export volume growth. Among developing countries, import growth outpaced export growth in Latin America and South Asia. Commodity prices continued to increase, boosting the export revenues of commodity exporters worldwide. The net transfers of financial resources from developing to developed countries in 2005 rose to $483.4 billion. Transfers from economies in transition followed a similar pattern, reaching an estimated $95.5 billion. The General Assembly, recalling that trade was in many cases the most important external source of development financing, reiterated the role played by enhanced market access, balanced rules, appropriate adjustment facilities and technical assistance and capacity-building programmes. It reaffirmed the value of multilateralism to the global trading system and the commitment to a universal, rule-based, open, non-discriminatory and equitable multilateral trading system. It also stressed that the international financial system should promote economic growth and support sustainable development and hunger and poverty eradication, recognized the need to enhance the coherence, governance and consistency of the international monetary, financial and trading systems, as well as the need to ensure their openness, fairness and inclusiveness, and emphasized the importance of debt sustainability and debt relief to achieve internationally agreed development goals, including the Millennium Development Goals, adopted by the Assembly in 2000. In April, the eighth high-level meeting between the Economic and Social Council and the Bretton Woods institutions (the World Bank Group and the International Monetary Fund), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD) discussed coherence, coordination and cooperation in the context of the implementation of the Monterrey Consensus, adopted at the 2002 International Conference on Financing for Development. In June, the Assembly held its second High-level Dialogue on Financing for Development under the overall theme “The Monterrey Consensus: status of implementation and tasks ahead”. The Dialogue was in preparation for the special session of the sixtieth session of the Assembly on financing for development (see p. 67). The Trade and Development Board, the governing body of UNCTAD, adopted agreed conclusions on the review of progress in the implementation of the Programme of Action for the Least Developed Countries for the Decade 2001-2010, and a decision on the review of UNCTAD technical cooperation activities. The Board adopted further agreed conclusions on economic development in Africa: the role of foreign direct investment in growth and development, and a decision on the venue for UNCTAD XII. The International Trade Centre, operated jointly by UNCTAD and WTO, increased its delivery of technical assistance by 4.7 per cent to $22.1 million. In May, the Assembly confirmed the appointment of Supachai Panitchpakdi as UNCTAD Secretary-General for a four year term beginning 1 September 2005.
Yearbook of the United Nations, 2005 v. 59; Vol. 59
This item appears in the following Collection(s)