China Hosting Major Roundtable on Commodity Development in Asia

       The downturn in the global economy has hit Asia hardest because of its reliance on the industrial manuafacturing sector, which has also predominantly further exposed weak links in the region's agricultural commodities sector.
       In the past, with rising regional and global demand for exports, many Asian countries experienced rapid growth in both sectors, but lately with the international financial crisis, ongoing hikes in food prices and emerging ventures for bio-energy, the commodities sector has for a significant period now, performed unsteadily.
       To focus on some of the critical issues and to shift momentum that's essential to jump-starting the commodities sector in Asia, the Amsterdam-based Common Fund for Commodities (CFC), an international financial institution established by the United Nations, is holding its annual Round Table Meeting (RTM) on Commodity Development, specially designated for the Asia-Pacific region, 17-20 August in Nanning, China.
       So far, in the Asia-Pacific region, the Common Fund has financed nearly 70 commodity projects with a total commitment of USD 170 million in various sectors, including jute, tea, coffee, cocoa, sorghum and others.
       The RTM is organised with the kind assistance of the Government of P.R.China, an influential member of the Common Fund for Commodities, and the Guangxi Zhung Autonomous Region.
       Mr. Zhu Hong, deputy director general, International Trade and Economic Affairs Department in the Ministry of Commerce, said, "The Chinese government strongly supports the Common Fund for Commodities, and it's a great privilage to have this year's RTM in China."
       "We hope that hosting this roundtable in Nanning will contribute to the establishment of a platform, whereby countries in Asia can discuss commodity related issues of common concern," added Mr, Zhu, who is also China's governor is the Common Fund.
       Amb. Ali Mchumo, managing director of the Common Fund for Commodities, said, "We are grateful that China is the venue of the 2009 RTM. This is a very important meeting for this region at this time, because Asia-Pacific is a key constituency within the Fund's membership,"
       Amb. Mchumo noted that China as a member country has successfully demonstrated that it's possible to implement a balanced, sustainable development modek, whereby a strong commodities sector can contribute directly to economic growth and innovation in other sectors of the country's rapidly expanding economy.
       "China stands out symbolically, as a powerful example to other CFC developing and least developed member-countries. With its robust economy, China also has a great deal to offer in its emerging role as a reliable leader in development-related techinical assistance and South-South co-operation," Amb. Mchumo said. "Indeed, as economic policy experts have recently noted, if the global economy is to regain its confidence and resilience, the scenario is that China will be leading the forward charge," he added.
       Still, even with its strong and effective policy for self-reliance, massive investments in rural development and a revitalised agricultural economy, arguably China is still a developing country. But in just a few years, China has managed, through steady economic prosperity to post remarkable outcomes in overal poverty reduction rates, due to the emergence of vibrant internal and regional markets; and a thriving consumer base for both domestic agricultural and manafactured goods and services.
       Attending the meeting in Nanning, will be senior Chinese officials in the Department of Foreign Aid, the Department of International Trade & Economic Affairs within the Ministry of Commerce, the agricultural Trade Promotion Centre (MoA) and various government officials from Guangxi Zhuang Autonomous Region. Top policy makers and senior representatives from international and regional institutions based in Asia, such as UN Economic and Social Commission for Asia-Pacific (ESCAP), UNDP-China, ASEAN, INFOFISH, and ICRISAT have been invited, as well as national delegates from CFC member-states.
       The roundtable meeting in Nanning will address key aspects associated with production, processing, diversification and trade in agricultural and mineral commodities. And while the central theme of the meeting, is the role of commodities in economic development, substantial policy presentations on underlying issues and problems facing global commodity development are on the agenda.
       Given the scope of the current international financial situation, an elaborate review of potential innovative policy solutions for individual commodity sectors will be considered, as well as other top priority issues such as the global food crisis, regional outlook for the integration of Asian economies, partnership opportunities for South-South co-operation, and lessons from China's model development strategy.
       For additional information, please visit www.common-fund.org.
       The Common Fund for Commodities-www.common-fund.org-is a 107-member state international financial institution based in Amsterdam, The Netherlands. The Fund's specific mandate is to support developing countries that are commodity dependent to improve and diversify commodilies production and trade.