Globalization poses challenges for Islamic Development Bank member countries

The process of globalization which has generated economic disparities and asymmetries, poses enormous challenges to the aspirations of the Islamic Development Bank (IDB) member countries.

The IDB president, Ahmad Mohamed Ali, was quoted this Monday by the Malaysian news agency BERNAMA as saying that while the Uruguay Round Agreements under the World Trade Organization (WTO) has created opportunities for developing countries, and given benefits through the Multilateral Trading System, there have also been difficulties in integrating effectively into the MTS.

"The experience of the Uruguay Round amply demonstrated that some of the member countries are facing problem of marginalization and have not benefited significantly from the results of the negotiations," he said in his opening address at a seminar, "On Dispute Settlement Mechanism, Anti-Dumping and Safeguard Measures," held in Malaysian capital city, Kuala Lumpur, Monday.

Among concerns expressed by the developing countries have been uneven distribution of benefits, apprehension of further marginalization and weakness in participation in WTO policy making processes, he said in the address that was read out by IDB's Trade Policy Advisor Suboh M.Yassin.

He said today's seminar, a collaborative effort with the WTO Secretariat, UNCTAD and the Malaysian government, was among the IDB's efforts towards preparing its member countries to upgrade their institutional and manpower resources on matters related to WTO.

The WTO Ministerial conference due to be held in Doha from Nov 9 to 13 would also pose further challenges, he said.

"The challenges will be to ensure that IDB member countries, derive maximum benefits and are meaningfully integrated into the MTS, while at the same time achieving their respective national developmental objectives," he said, adding IDB will continue to follow very closely issues that are being negotiated in the WTO and provide the necessary technical support to its members.