Warden Bello of Focus on the Global South has published an excellent analysis on what the recent Hong Kong WTO meeting means for developing countries. Some of the highlights:
The Hong Kong deal has been characterized in some reports as a “minimum package” that mainly functions as a life support system for the WTO. This is hardly the case. The deal extracted substantial concessions from developing countries while giving them hardly anything in return.
…In sum, this was an agreement with teeth, but the bite will be felt principally by the developing countries.
The reason for the developing countries’ collapse was not so much lack of leadership, but leadership that brought them in the opposite direction. The key to the debacle of Hong Kong was the role of Brazil and India, the leaders of the famed Group of 20.
It is a matter of debate whether the final agreement will result in a net gain for Brazil and India, though if the balance ends up with a net loss, this would likely be smaller than for the less advanced developing countries. However, the main gain for Brazil and India lay not in the impact of the agreement on their economies but in the affirmation of their new role as power brokers within the WTO.
A few commentators have talked about the “victory” protestors won in being able to out organize the police and show their globalized resistance from the grassroots, but unfortunately, that resistance was rendered ineffective with the new deal.
Read More: The Real Meaning of Hong Kong – Brazil and India Join the Big Boys’ Club
Related posts:
- Draft Texts for Hong Kong WTO Meeting Threaten Developing Countries
- Hong Kong WTO Summit Headed for Failure?
- Protests begin at Opening of WTO Summit in Hong Kong
- WTO Meeting Next Week amid Rising Criticism and Internal Divisions
- WTO Ministerial Declaration Called a “Slap in the Face” for Developing Countries
