Role of Effective Policy Management in Sustainable Economic Integration K. T. Chacko Director / Vice-Chancellor Indian Institute of Foreign Trade New Delhi.

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Presentation transcript:

Role of Effective Policy Management in Sustainable Economic Integration K. T. Chacko Director / Vice-Chancellor Indian Institute of Foreign Trade New Delhi (India)

2  Economic Integration maximizes global efficiency. efficiency.  GATT / WTO MTNs deepened integration process. process.  Emergence of RTAs / PTAs / CECAs.  Selective liberalization reduces injury to vulnerable sectors. vulnerable sectors. Enhancing Economic Integration

3  Burdens & Benefits of Integration may be asymmetrical. asymmetrical.  How to Share it equitably.  Weak institutional and enforcement set – up pose challenges. up pose challenges. Economic Integration - Issues

4  Economic Integration process got a jolt with Global Economic Crisis. Global Economic Crisis.  Reducing the adverse impacts of crisis also depended on how Domestic and External Policy depended on how Domestic and External Policy Management was undertaken. Management was undertaken.  Countries adopted different Policies to boost demand confronted with contraction of global demand confronted with contraction of global demand. demand.  Impact of Liquidity shortage sought to be reduced through Trade Finance Measures. through Trade Finance Measures. Response to Global Economic Crisis

5  Monetary Policy played a crucial role, post crisis.  Managing volatile capital flows proved important.  Semi – open emerging economies and their partially open capital account and its correlation partially open capital account and its correlation with impact of crisis. with impact of crisis.  Pre-mature opening hurts.  Need more research on the type of controls needed. needed. Macro Economic Policies

6  Huge opportunities exist.  Efficient Domestic Policy Management crucial for integration. Eg. Health Services crucial for integration. Eg. Health Services Services Trade Integration

7 Economic Integration and the need for SDT for Developing Countries Economic Integration and the need for SDT for Developing Countries  Distortions in Agriculture Trade impacting Developing Countries adversely. Countries adversely.  State support for technology improvement, etc. vital.  Developing Countries need labour absorbing technologies - Scope for South-South Cooperation.  External Policy induced distortions also need correction through domestic action. through domestic action.

8  Need to factor variables other than “efficient allocation of resources”, also. allocation of resources”, also. -Diversification of production, structural transformation, correction of Govt. & Market failures.  Understand the forces underlying Growth. -Technology catch – up. -Encourage Risk – taking.  State’s role in selective interventions. Growth

9 To Maximize Benefits of Economic Integration To Maximize Benefits of Economic Integration  Manage macro economic policies efficiently.  Build Institutions for efficient management.  Different tool sets required depending on the degree of openness. degree of openness.