LONDON – The World Trade Organization’s ministerial conference in Bali in December produced a modest package of encouragements to global trade. More broadly, the WTO’s multilateral approach has shown its worth by preventing a massive increase in trade barriers, unlike in 1929-1930, when protectionism helped deepen and broaden the Great Depression. But the main question – whether globalization is a good thing, and for whom – remains unanswered.
At first glance, it would seem this year’s Davos summit will be off to an auspicious start, with news that the global economy is recovering faster than anticipated.
The European Union (EU) using its African Peace Facility Early Response Mechanism (ERM) has agreed to provide financial support to the mediation process in South Sudan facilitated by IGAD. One of the main objectives of ERM is to provide funds in urgent situations for the first stages of mediation activities. According to a statement from the EU delegation office to the AU, the € 1.1 Million (US$ 1.44 Million) earmarked on January 16th by the European Union will help IGAD and the African Union Commission to facilitate the mediation process in South Sudan to reach an agreement for resolving differences between the Government of the Republic of South Sudan and the opposition.