The IPOA stipulates various mode and means of increasing partnership between LDCs and international organizations to address deprivation, marginalization and promote economic and social well-being. It introduces the LDCs as the poorest and weakest segment of the international community characterized by constraints such as low per capita income, low level of human development and economic and structural handicaps to growth, limiting the resilience to vulnerabilities.
The 48 LDCs comprising of 900 million people around the globe were able to double their exports during the last decade. However, the volume of exports is still miniscule as their composite exports only comprise 1 percent of the global exports. Higher population growth rates, limited productive capacity, infrastructural deficiencies, inadequate governance capacity and institutions are the inhibiting factors that have marginalized the LDCs in the global economic play.
The IPOA also presents the review of the implementation of the Brussels Program of Action (BPOA) based on seven commitments aimed at significantly improving the human conditions of the people in the LDCs by providing a framework for a strong global partnership. The assessment reveals that the level of social and economic development during this decade shows a progress over the previous decade. Meanwhile, it leaves a large difference among the LDCs as some of them were able to achieve 7 percent growth while many others experienced very low growth rates or even negative growth. There is unequivocal consensus that the BPOA had played a positive role in the development process of the LDCs though the goals and objectives of this program of action were largely not met as many LDCs were exposed to the vulnerability of food, fuel and financial crisis and the growing adverse impacts of climate change during the period.
he LDCs faced a huge financial gap and the level of Overseas Development Assistance (ODA) could not be realized as expected in the previous program of action. The aggregate ratio of ODA to gross national income for development assistance committee (DAC) members increased from 0.05 percent in 1998 to 0.09 percent in 2008 but remained far below the 0.15-0.20 percent target. Foreign Direct Investment (FDI) increased substantially during the period, but without a visible impact on structural changes. Such investment flow remained concentrated on extractive industries with non-resource attracting sectors receiving a limited share of overall FDI flows.
In this context, the IPOA focuses on creating a new consciousness regarding instabilities and vulnerability of global economy and giving proper attention on structural transformation through increasing productive capacity and diversification and strengthening home-grown development plans. Accordingly, the program of action focuses on renewed and strengthened partnership for development and overcoming the structural challenges in order to eradicate poverty, achieve internationally agreed development goals and enable graduation from the LDC category. This requires achieving 7 percent growth by the LDCs per annum, through building capacity and structural transformation overcoming marginalization through their effective integration into the global economy, building human capacity, ensuring enhanced financial resources and their effective use.
The best way to harness the outcome of Istanbul conference in favor of LDCs is to constantly persuade developed countries through meetings and follow-up process and resolve the outstanding issues in an atmosphere of trust and mutual cooperation.
Besides, the IPOA has outlined basic principles of guiding the implementation in terms of country ownership and leadership, integrated approach of development, genuine partnership, result orientation, promoting peace and security development and human rights, equity of poor and marginalized people ensuring social justice, democracy, gender equality and sustained, inclusive and equitable economic growth.
The renewed and strengthened partnership for development as outlined in IPOA focuses on making the global program to be supportive of complementing the national efforts through enhanced support from the developed countries and the Bretton Wood institutions. Besides, it emphasizes on South-South cooperation and the developing countries have expressed their commitment to support the effective implementation of the program, consistent with their capabilities. Such support from the developing countries would be complimentary and not a substitute to the support from the developed countries. The IPOA has also identified partnership with the private sector, civil societies, and parliaments and enhanced coordination and coherence of the international development architecture including ODA, trade, FDI, debt and finance.
The IPOA has outlined the priority areas for action, which basically focuses on productive capacity building, agriculture, food security and rural development, trade, commodities, human and social development, handling of the multiple crises, mobilizing financial resources for development and capacity building and good governance at all levels. The action plan has identified joint actions, specific actions by the LDCs and action by the development partners that would contribute to the goal of graduating of 50 percent of LDCs at the end of current decade.
The program of action also stipulates the provision of graduation and smooth transition, implementation, follow up and monitoring by various international and regional organizations of United Nations. UN General Assembly would undertake to establish an ad hoc working group to further study and strengthen the smooth transition process of graduation.
However, the outcome of the conference was heavily criticized by the civil society organizations. The apprehension of the civil society has remained that the conference largely failed to meet its expectations for falling short in assisting LDCs as no new aid was pledged in favor of the poor countries.
However, there is no reason to disparage the outcome of the conference as the process of globalization is advancing at a faster pace and the collaboration and partnership at the global level is being manifested at various international and regional forums. The best way to harness the outcome of Istanbul conference in favor of LDCs is to constantly persuade developed countries through meetings and follow-up process and resolve the outstanding issues in an atmosphere of trust and mutual cooperation.
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