There are indisputable concerns over the ineffective participation of Least-Developed Countries (LDCs) and Small Vulnerable Economies (SVEs) in the process of global integration, and their failure to derive benefits from the ongoing process of trade liberalisation and globalisation. The present paper explains the theme of 'marginalisation' of Least-Developed Countries (LDCs) and Small Vulnerable Economies (SVEs) in the international trade arena, in terms of their declining relative importance in world trade. Statistical analysis is used to determine the long-term declining share of LDCs and SVEs in world merchandise exports. The study argues that the process of marginalisation of these countries is mostly the result of the failure of LDCs and SVS to diversify from their static comparative advantage related to the production of primary products, the significance of which in world trade has declined considerably during the past decades. The analysis emphasises the need for diversification of exports and an expansion of the manufacturing export base in these countries.

There are indisputable concerns over the ineffective participation of LeastDeveloped Countries (LDCs) and Small Vulnerable Economies (SVEs) in the process of global integration, and their failure to derive benefits from the ongoing process of trade liberalisation and globalisation. This paper explains the theme of 'marginalisation' of LDCs and SVEs in the international trade arena, and their declining relative importance in world trade. Statistical analysis is used to determine the longterm declining share of LDCs and SVEs in world merchandise exports. The study argues that the process of marginalisation of these countries is mostly the result of the failure of LDCs and SVEs to diversify from their static comparative advantage related to the production of primary products, the significance of which in world trade has declined considerably during the past decades. The analysis emphasises the need for diversification of exports and an expansion of the manufacturing export base in these countries.

Developing countries, including as small states and least developed countries (LDCs), continue to face significant challenges within the global trading system. Action is required to allow them to overcome disadvantages and achieve sustainable levels of income from trade. This study provides a fresh perspective on how measures can be taken to enhance the participation of small states, many of which are Commonwealth countries, in the multilateral trading system. It contributes to the ongoing general debate about reforming the World Trade Organization and global trade governance.

Discussion of the governance of global trade and the multilateral trading system is too often dominated by developed-country scholars and opinion-makers, with inadequate attention given to developing country perspectives. Making Global Trade Governance Work for Development gathers a diversity of developing country views on how to improve the governance of global trade and the WTO to better advance sustainable development and respond to the needs of developing countries. With contributions by senior scholars, commentators and practitioners, the essays combine new, empirically-grounded research with practical insights about the trade policy-making process. They consider the specific governance issues of interest to developing countries and acknowledge the changing dynamics in the global economy and in trade decision-making.

At a pivotal point in the history of the WTO, when development issues are at the heart of negotiations, how the larger and more powerful members address the legitimate concerns of its poorest and most vulnerable members will shape the perception of the institution throughout the century. This book aims not only to document almost ten years of experience of small states with the WTO but also to explain this experience. It takes an evidential theory approach to explaining the features characteristic to the trade and economic development of small island states. It then highlights the issues of concern to these states in relation to negotiations at the WTO. The experience of the African Caribbean and Pacific (ACP) countries with the WTO dispute settlement mechanism is discussed, and the book ends with a discussion of key negotiating issues for the island states and institutional arrangements to facilitate reform.

Presenting a complete analysis of the issues surrounding commodity prices and development, this study provides a number of recommendations and policy prescriptions to address the unique set of development issues faced by countries reliant on only a handful of commodities for export earnings.