The absence of a voice in the evolving global economic governance has led to the margimalization of LLDCs concerns. The Euro-Asian LLDCs, in general, have witnessed significant fluctuations in economic growth and export performance in recent years emanating mainly from the global economic crisis. Despite notable progress made since 2003,LLDCs continue to remain marginalized in global trade, thus preventing them from reaping the benefits of globalization and using trade as an instrument for achieving their development objectives. Over the past decade, the share of LLDCs exports in world trade has remained around 0.8 per cent for merchandise trade and 0.5 per cent for services trade. As such LLDCs face the urgent challenge of wider exploitation of the potential of regional economic intergration especially in terms of rising intra-regional foreign direct investment flows and improving connectivity through transport, energy and ICT networks. Similar, the signing of a number of preferential trade agreements has not led to adequate materialization of the opportunities for enhanced market access and new South-South trade for LLDCs. Nevertheless, i am pleased to infrom this meeting that the Lao PDR has became the newest member of WTO in February 2013 and we expect to derive some benefits from our membership.
The absence of a voice in the evolving global economic governance has led to the margimalization of LLDCs concerns. The Euro-Asian LLDCs, in general, have witnessed significant fluctuations in economic growth and export performance in recent years emanating mainly from the global economic crisis. Despite notable progress made since 2003,LLDCs continue to remain marginalized in global trade, thus preventing them from reaping the benefits of globalization and using trade as an instrument for achieving their development objectives. Over the past decade, the share of LLDCs exports in world trade has remained around 0.8 per cent for merchandise trade and 0.5 per cent for services trade. As such LLDCs face the urgent challenge of wider exploitation of the potential of regional economic intergration especially in terms of rising intra-regional foreign direct investment flows and improving connectivity through transport, energy and ICT networks. Similar, the signing of a number of preferential trade agreements has not led to adequate materialization of the opportunities for enhanced market access and new South-South trade for LLDCs. Nevertheless, i am pleased to infrom this meeting that the Lao PDR has became the newest member of WTO in February 2013 and we expect to derive some benefits from our membership.
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