Globalizing development strategies

There is a growing awareness that recent development strategies promoted mainly by the multilateral financial institutions have limitations for the development process and should, along with certain domestic policies, adapt to evolving global conditions. In order to help developing countries to prevent and overcome any negative effect of economic and financial globalization, to reap its benefits and to respond to its challenges and opportunities, there is a need for the international community to reconsider and elaborate development strategies and policies, taking into account development's social, human and environmental dimensions.

The efficient functioning of a non-discriminatory and competitive market would represent an important contribution to development. In order that globalization can contribute to sustained economic growth and sustainable development, intensified international cooperation as well as countries' own national and regional efforts will be essential to address the domestic and external factors of underdevelopment effectively. Taking account of their specific circumstances, liberalization can improve the international competitiveness of developing countries and promote growth.