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Any lessons from the old ICAs? Contribution by Christian Häberli to the SOAS INTERNATIONAL WORKSHOP CHALLENGES AND PROSPECTS FOR COMMODITY MARKETS IN THE.

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Presentation on theme: "Any lessons from the old ICAs? Contribution by Christian Häberli to the SOAS INTERNATIONAL WORKSHOP CHALLENGES AND PROSPECTS FOR COMMODITY MARKETS IN THE."— Presentation transcript:

1 Any lessons from the old ICAs? Contribution by Christian Häberli to the SOAS INTERNATIONAL WORKSHOP CHALLENGES AND PROSPECTS FOR COMMODITY MARKETS IN THE GLOBAL ECONOMY 20 September 2008

2 20 September SOASWorld Trade Institute Bern2 The 1973 oil price shock led OECD countries to (reluctantly) accept NIEO proposals: ICA/Common Fund, S&D/GSP The 2008 Food (and financial) crisis as a precursor to more tsunamis - or to a permanent increase of the bottom billion? The African commodity rush – no time for good governance Export restrictions against economic advice Time to revisit ICAs?

3 20 September SOASWorld Trade Institute Bern3 What has changed? Globalisation: No more North-South, but more diverse interests and new players… …and a new commodity: water… …and a new common goal: mitigate climate change From cold war to MDG and back?

4 20 September SOASWorld Trade Institute Bern4 New and old issues Commodities: –Price stabilisation ceased to be a government objective already in the 80ies – even in developing countries –New approaches, instruments, producers, markets – and failures –Everybody is speculating and hedging - but Nestlé & Co. still like stable prices

5 20 September SOASWorld Trade Institute Bern5 Global economic governance $200bn for Fannie Mae & Freddie Mac, $85bn to AIG, and more to come, for those too big to fail Financial markets: The chaos theory has come true: We are all affected Some good news for process: many stakeholders got a seat at the governance table

6 20 September SOASWorld Trade Institute Bern6 Price stabilisation Secure markets Stable prices cannot be a global governance goal by itself Hedging and speculation also used by farmers as stop-gap measures for risk management Producers and consumers are interested in secure markets – but who pays? Food security as a public good WTO: free trade vs. policy space

7 20 September SOASWorld Trade Institute Bern7 Managed commodity trade? Le Roi est mort… Vive le Roi!? The right to development as the third generation of human rights: A development tax for MDG goals, financed by the globalisation dividend For such endeavours, all and especially poor countries need UN needs IFIs need WTO needs graduation – not G77

8 20 September SOASWorld Trade Institute Bern8 Commodities in WTO and beyond [Doha proposals vs. food security: 1 step ahead – 2 steps back!] New ICAs proposed as a result of the Doha Round (Crawford Falconer) Human right framework for world food and nutrition security (Olivier de Schutter) Food security as a public good Common stockpiles Better to start thinking ahead – and anew!


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