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Any lessons from the old ICAs?

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 . Time to revisit ICAs?.

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Any lessons from the old ICAs?

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  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. Time to revisit ICAs? • 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 World Trade Institute Bern

  3. 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? World Trade Institute Bern

  4. 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 World Trade Institute Bern

  5. 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 World Trade Institute Bern

  6. 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 World Trade Institute Bern

  7. 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 World Trade Institute Bern

  8. 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! World Trade Institute Bern

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