Keadaan umat Islam menjadi memilukan apabila, aktiviti berhutang menjadi asas kehidupan masyarakat hari ini, ia mungkin tidak pelik bagi mereka yang tidak berkemampuan, tetapi ia telah menjadi kaedah dan teknik yang terbaik (sebagaimana didakwa) bagi mencapai keuntungan dan mengekalkan kekayaan sesebuah syarikat atau individu.
Maka lahirlah ramai individu yang berkemampuan untuk membuat pembayaran secara tunai, tetapi masih lagi suka berhutang dalam membeli kereta dan rumah. Hujah mereka mudah sahaja dalam hal ini, iaitu jika bayar tunai maka kita akan RUGI, RUGI dan RUGI. Inilah satu fenomena kurang sihat yang telah di anggap sihat oleh masyarakat hari ini. Ia berpunca daripada kurangnya maklumat berkenaan bahaya hutang dalam keadaan berkemampuan.
Dalam konteks semasa, kita dapat melihat bagaimana ramainya peminjam-peminjam yang enggan membayar hutang pengajian, rumah, kereta, syarikat mereka, ada juga yang lebih rela di gelar muflis asalakan tidak perlu membyara jumlah hutangnya yang menimbun. Ia kelihatan enak untuk tidak membayar hutang di dunia, tetapi ia pasti akan menjadi malapetaka di akhirat.
Minggu ini, sama-sama kita mempelajari pandangan Islam dalam hal hutang ini. Nabi SAW bersabda :-
يغفر للشهيد كل شيء إلا الدين
Ertinya : " Diampunkan semua dosa bagi orang mati yang terkorban Syahid kecuali jika ia mempunyai hutang (kepada manusia)" ( Riwayat Muslim, 6/38)
Lebih buruk lagi apabila terdapat sesetengah individu yang meminjam dengan niat untuk tidak memulangkan kembali. Sebagaimana Sabda Nabi SAW :
من أدّان أموال الناس يريد أداءها أدى الله عنه , ومن أخذها يريد اتلافها أتلفه الله
Ertinya : Barangsiapa yang meminjam harta orang lain dengan niat ingin mengembalikannya, Allah akan mengembalikan pinjaman itu, namun barangsiapa yang meminjamnya dengan niat ingin merugikannya, Allah pun akan merugikannya" ( Riwayat Al-Bukhari, 2/83 )
Rasulullah SAW juga kerap mengajar umat islam agar berdoa dilepaskan dari hutang :
اللهم إني أعوذبك من المأثم والمغرم ( الدين ) , فقيل له : إنك تستعذ من المغرم كثيراً
يا رسول الله ؟ فقال : " إن الرجل إذا غرم حدث فكذب , ووعد فأخلف"
Ertinya : Ya Allah, aku berlindung kepadaMU dari dosa dan hutang, lalu Baginda ditanya : Mengapa engkau sering meminta perlindungan dari hutang, wahai Rasulullah ? ;
Baginda menjawab : " Jika seseorang berhutuang, bila berbicara ia dusta, bila berjanji ia mengingkari" ( Riwayat Al-Bukhar, 1/214 )
Terdapat juga dalam sebuah hadith lain :
Ertinya : Ya Allah, aku berlindung dari kekufuran dan hutang, Mendengar itu seseorang bertanya, " Apakah engkau menyamakan kekeufuran dengan hutang wahai Rasulullah ? ; " Benar " Jawab Rasulullah" ( Riwayat An-Nasaie, 2/316 ; Ahmad , 3/38; Al-Hakim berkata Sohih dan disepakati oleh Az-Zahabi; Menurut Albani : Dhoif )
Berlandaskan dalil-dalil di atas jelaslah kepada kita bahawa aktiviti berhutang ini adalah kurang sihat menurut pandangan Islam. Justeru, kita sewajarnya menjauhinya semampu boleh. Beberapa cadangan di bawah perlu difikirkan demi memastikan tanggungan dan beban hutang kita dikecilkan, ia seperti berikut :-
• a) KAD KREDIT : -Jauhkan diri dari menggunakan kad kredit. Selain isu-isu riba yang begitu hampir dengan kad kredit, ia juga amat menggalakan hutang secara berlebihan. Malah jika seseorang ingin menggunakannya, adalah amat di nasihatkan agar digunakan untuk memudahkan urusan di saat-saat yang benar-benar terdesak. Selain itu, adalah lebih baik juga menggunakan "Charge Card" atau "Debit Card" sahaja. Jauhkan diri dari ketagihan penggunaan kad kredit.
• b) PINJAMAN PERIBADI : Ini satu lagi jenis produk yang boleh mengakibatkan penyakit ketagihan duit di kalangan masyarakat. Pelru di sedari bahawa seluruh jenis pinjaman peribadi secara konvensional adalah di haramkan oleh Islam dengan sepakat seluruh ulama. Cuma, hari ini, terdapat beberapa Bank Islam dan perbankan Islam yang menawarkan Pinjaman (pembiayaan) peribadi secara Islam. Sebagai makluman, tidak semua bank Islam menawarkannya kerana produk ini berlandaskan konsep "bai inah" ( jual dan beli semula antara dua pihak yang sama).
Konsep ini amat konterversi dan di tolak oleh kebanyakan ulama timur tengah, bagaimanapun ianya di terima oleh ulama Malaysia dan Brunei. Apapun, pada kebiasaannya, kadar yang di kenakan adalah tinggi. Oleh itu, penggunaannya tanpa keperluan yang amat mendesak juga perlu dikurangkan atau dihapuskan terus demi mengurangkan beban hutang yang ditanggung.
• c) PERUMAHAN DAN KERETA :
Dua item ini mungkin keperluan yang asas bagi kebanyakkan individu. Bagi saya, seeloknya, hutang peribadi kita eloknya di hadkan kepada dua jenis ini sahaja. Itupun , mestilah menilai kemampuan kewangan dengan sebaiknya agar tidak mendedahkan diri kepada bahaya ketidakmampuan membayar hutang. Sebarang pinjaman kereta dan rumah secara konvensional adalah disepakati haramnya oleh seluruh ulama dunia.
• d) UMRAH DAN HAJI SUNAT (KALI KEDUA):
Haji sememangnya wajib bagi umat Islam yang berkemampuan fizikal dan kewangan. Bagaimanapun, yang wajib hanyalah sekali sahaja. Justeru, umat Islam perlu memahami ‘priority' atau "awlawiyyat" di dalam pengendalian wang peribadi. Menurut Islam, menggunakan wang yang diperuntukan untuk ke umrah dan Haji kali kedua adalah lebih baik dan besar pahalanya untuk disalurkan bagi melupuskan pembayaran hutang peribadi yang bertimbun-timbun itu. Malangnya, ketidak fahaman kebanyakan umat islam hari ini menyebabkan mereka kerap mendahulukan sesuatu yang kurang penting berbanding yang lebih penting.
Sabtu, 21 November 2009
Bagaimana Sekuriti (Saham)di Luluskan Oleh Syariah
Sekuriti lulus Syariah didagangkan setiap hari di pasaran saham Malaysia. Mungkin pelabur telah pun melabur dalam sekuriti ini tanpa menyedarinya. Pada asasnya, sekuriti patuh Syariah adalah sekuriti yang sama yang didagangkan di Malaysia Securities Exchange Bhd (MSEB) tetapi sekuriti ini mesti mematuhi satu set kriteria sebelum mereka boleh dikategorikan sebagai lulus Syariah.
Aktiviti yang dibenarkan berbanding aktiviti yang tidak dibenarkan Bawah prinsip Syariah, salah satu daripada aspek paling penting sebelum sesuatu keputusan pelaburan dibuat ialah keperluan menilai aktiviti perniagaan sesuatu syarikat untuk memastikan sama ada aktivitinya dibenarkan (halal) atau tidak dibenarkan (tidak halal). Jadi, bagaimana pelabur hendak menentukannya?
Untunglah bagi pelabur Malaysia, Majlis Penasihat Syariah (MPS) Suruhanjaya Sekuriti (SC) telah mengambil langkah untuk menilai aktiviti perniagaan syarikat-syarikat awam tersenarai. Sekuriti bagi syarikat yang memenuhi kriteria yang ditetapkan oleh MPS akan diklasifikasikan sebagai lulus Syariah.
Kriteria
Sekuriti bagi syarikat yang menjalankan mana-mana kegiatan yang berikut tidak layak untuk lulus Syariah:
a. Perkhidmatan kewangan yang berteraskan riba (faedah);
b. Perjudian;
c. Pengeluaran atau penjualan barangan yang tidak halal atau barangan yang berkaitan;
d. Insurans konvensional;
e. Aktiviti hiburan yang tidak selaras dengan Syariah;
f. Pengeluaran atau penjualan barangan yang berasaskan tembakau atau barangan yang berkaitan;
g. Pembrokeran atau jual beli sekuriti yang tidak diluluskan Syariah; dan
h. Aktiviti lain yang didapati tidak selaras dengan Syariah.
Selain itu, MPS turut mengambil kira faktor-faktor lain yang tidak berasaskan aktiviti, seperti -
• kadar sumbangan pendapatan faedah yang diterima oleh syarikat daripada simpanan tetap konvensional atau lain-lain instrumen kewangan yang mempunyai faedah.
• dividen yang diterima oleh syarikat daripada pelaburannya dalam sekuriti yang tidak lulus Syariah.
Walau bagaimanapun, bagi syarikat yang aktiviti perniagaan terasnya meliputi kedua-dua elemen, yang dibenarkan dan tidak dibenarkan, MPS menetapkan kriteria tambahan dalam menilai sekuriti syarikat tersebut, iaitu:
• Peratus elemen haram apabila dibandingkan dengan keseluruhan aktiviti teras;
• Persepsi awam atau imej syarikat, sama ada baik atau sebaliknya; dan
• Aktiviti teras syarikat, sama ada penting dan membawa manfaat secara umum (maslahah) kepada keseluruhan masyarakat (ummah).
Ukur rujuk 10 peratus
Ukur rujuk ini digunakan untuk menilai kadar sumbangan bercampur daripada aktiviti yang membabitkan elemen "umum balwa" yang merupakan elemen terlarang yang melibatkan kebanyakan orang dan sukar untuk dielakkan. Contoh sumbangan ini ialah pendapatan faedah daripada simpanan tetap (FD) syarikat tersenarai di bank konvensional. Ukur rujuk ini turut digunakan bagi aktiviti berkaitan tembakau.
Contoh:
Jentayu Bhd merupakan sebuah syarikat pembinaan yang menyimpan wangnya dalam simpanan tetap (FD) konvensional di bank perdagangan. Jika peratus pendapatan faedah daripada FD yang disumbangkan kepada hasil kumpulan, melebihi 10 peratus ukur rujuk, sekuriti Jentayu Bhd akan diklasifikasikan sebagai tidak lulus Syariah.
Ukur rujuk 25 peratus
Ukur rujuk ini digunakan untuk menilai kadar sumbangan bercampur daripada aktiviti yang pada amnya dibenarkan menurut Syariah tetapi turut mempunyai elemen aktiviti yang boleh menjejaskan status lulus Syariahnya. Antara aktiviti yang termasuk dalam ukur rujuk ini ialah pengurusan hotel dan rumah peranginan dan perdagangan saham serta pembrokeran saham dalam sekuriti yang tidak lulus Syariah. Aktiviti ini boleh melibatkan aktiviti yang tidak dibenarkan menurut Syariah.
Contoh:
Batu Bhd terlibat dalam perniagaan kuari dan pembinaan. Walau bagaimanapun, salah satu daripada anak syarikatnya terlibat dalam perniagaan perhotelan dan pusat peranginan. Sekuriti Batu Bhd akan diklasifikasikan sebagai tidak lulus Syariah sekiranya peratus hasil dan keuntungan sebelum cukai daripada hotel dan pusat peranginan itu menyumbangkan 25 peratus melebihi ukur rujuk, kepada hasil dan keuntungan sebelum cukai kumpulan tersebut.
Kriteria kualitatif
Dalam menentukan status Syariah, MPS turut mengambil kira faktor kualitatif, umpamanya pandangan umum atau imej syarikat dan aktiviti terasnya, dan sama ada aktiviti itu penting dan dianggap maslahah (memberikan "manfaat" umum) kepada masyarakat dan negara Islam.
Pada masa ini, lebih daripada 80% syarikat awam tersenarai di Bursa Malaysia diklasifikasikan sebagai lulus Syariah. Oleh itu, pelabur yang melabur berdasarkan prinsip-prinsip Syariah mempunyai lebih banyak syarikat untuk dipilih bagi menambah portfolio pelaburan mereka.
Stok pinjaman
Stok pinjaman yang disenaraikan di Malaysia Securities Exchange Bhd (MSEB) tidak dikira sebagai sekuriti lulus Syariah kerana stok tersebut adalah instrumen berfaedah dan tidak distrukturkan mengikut prinsip-prinsip Syariah. Pelabur mesti memahami perbezaan ini kerana, walau pun saham sesebuah syarikat mungkin dikelaskan sebagai lulus Syariah, stok pinjamannya pula tidak lulus Syariah.
Sumber-sumber bantuan
Lebih 80% sekuriti yang disenaraikan di MSEB adalah lulus Syariah dan terdapat dalam hampir kesemua sektor. Ini menyediakan peluang pelaburan yang mencukupi bagi pelabur yang berhajat untuk melabur dalam sekuriti lulus Syariah. Pelabur boleh membuat semakan cepat dengan-
• Membaca buku kecil SC mengenai Senarai Sekuriti yang Diluluskan oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti yang boleh diperoleh secara percuma daripada SC dan dikemaskinikan setiap enam bulan; atau
• Melayari tapak web SC di http://www.sc.com.my/ untuk menyemak senarai sekuriti lulus Syariah.
Tetapi ingatlah bahawa sekuriti lulus Syariah hanyalah untuk menyatakan status dibenarkan atau halal bagi sesuatu sekuriti. Ia bukan satu pengesahan oleh SC bahawa sekuriti itu sesuai untuk pelaburan. Pada asasnya, pelabur mesti membuat keputusan pelaburan mereka sendiri. Oleh itu, pelabur masih perlu melengkapi diri dengan pengetahuan, contohnya membaca prospektus dan laporan tahunan syarikat.
Siapa yang menentukannya?
Sekuriti lulus Syariah ditentukan oleh Majlis Penasihat Syariah (MPS) Suruhanjaya Sekuriti (SC). Ahli-ahli MPS, yang dilantik oleh SC, terdiri daripada para ulama, hakim dan pakar kewangan. Mereka menentukan sekuriti yang mana mematuhi prinsip-prinsip Syariah.
Untuk maklumat lanjut mengenai sekuriti lulus Syariah, sila hubungi Jabatan Pasaran Modal Islam di nombor 03-6204 8000
'5pc GDP growth possible with private sector's support'
Malaysia may be able to achieve economic growth of around 5 per cent next year if there is support from the private sector, says Tan Sri Nor Mohamed Yakcop, Minister in the Prime Minister's Department.
"It is possible ... that's what we're discussing. If we get the private sector to come and work with the government (to boost growth), we can do it," he said.
The government's official forecast currently is for gross domestic product (GDP) to expand by 2 to 3 per cent next year after contracting 3 per cent this year.
"To increase one or two GDP points is surely within our reach. We can do it," he told reporters yesterday. He, however, declined to give details, saying that the matter is still being studied. He said the government has no plans to introduce a third stimulus package to boost growth. "There's no need for a third stimulus package now," he said.
Its two stimulus packages, the first worth RM7 billion and the second, RM60 billion, have yet to be fully implemented. Nor Mohamed was speaking to reporters yesterday after launching a World Bank report on Malaysia. The report, the Malaysia Economic Monitor, is the first of what the bank hopes will be a series of bi-annual economic reviews on the country.
Vikram Nehru, the bank's chief economist for the East Asia and Pacific region, believes there is no need for Malaysia to withdraw its fiscal stimulus anytime soon as there are no worrying signs of rising inflation or active price increases in the country, unlike some other countries.
"Given the concerns about the uncertainty of the recovery in the global economy, I think it would be too early for Malaysia to withdraw its stimulus now. But the early warning indicators should be watched very carefully going forward," he said.
The World Bank report proposed a four-pillar strategy for Malaysia to achieve its ambition of becoming a developed nation by 2020.
"Malaysia must specialise the economy further, improve the skills of its workforce, make growth more inclusive and strengthen public finances," it said.
Meanwhile, Nor Mohamed said Malaysia will soon formalise a partnership programme with the World Bank that will enable more ministries and agencies to draw on the bank's expertise. On another matter, he said Ekuiti Nasional Bhd, a private equity fund set up by the government, will announce its maiden acquisition of "one or two companies" before March next year.
"It is possible ... that's what we're discussing. If we get the private sector to come and work with the government (to boost growth), we can do it," he said.
The government's official forecast currently is for gross domestic product (GDP) to expand by 2 to 3 per cent next year after contracting 3 per cent this year.
"To increase one or two GDP points is surely within our reach. We can do it," he told reporters yesterday. He, however, declined to give details, saying that the matter is still being studied. He said the government has no plans to introduce a third stimulus package to boost growth. "There's no need for a third stimulus package now," he said.
Its two stimulus packages, the first worth RM7 billion and the second, RM60 billion, have yet to be fully implemented. Nor Mohamed was speaking to reporters yesterday after launching a World Bank report on Malaysia. The report, the Malaysia Economic Monitor, is the first of what the bank hopes will be a series of bi-annual economic reviews on the country.
Vikram Nehru, the bank's chief economist for the East Asia and Pacific region, believes there is no need for Malaysia to withdraw its fiscal stimulus anytime soon as there are no worrying signs of rising inflation or active price increases in the country, unlike some other countries.
"Given the concerns about the uncertainty of the recovery in the global economy, I think it would be too early for Malaysia to withdraw its stimulus now. But the early warning indicators should be watched very carefully going forward," he said.
The World Bank report proposed a four-pillar strategy for Malaysia to achieve its ambition of becoming a developed nation by 2020.
"Malaysia must specialise the economy further, improve the skills of its workforce, make growth more inclusive and strengthen public finances," it said.
Meanwhile, Nor Mohamed said Malaysia will soon formalise a partnership programme with the World Bank that will enable more ministries and agencies to draw on the bank's expertise. On another matter, he said Ekuiti Nasional Bhd, a private equity fund set up by the government, will announce its maiden acquisition of "one or two companies" before March next year.
Apec angst as it turns 20
Apec has 21 members, including rich nations like the US, China and Japan. A preview of the meeting last week in the Financial Times was scathing. It described the group as one that speaks for half of the world's economy, but decides nothing.
It is a reference to the fact that Apec leaders make decisions by consensus, but they are not binding. It means that a country can agree on one thing today, but do exactly the opposite tomorrow.
An example is how the US can slap import taxes on Chinese tyres in September and yet reject protectionism in the Apec leaders' joint statement. Others say it is losing its relevance as more new groups emerge, often with an economic objective.
Apec now has to contend with the G-20, a group of 20 countries that is trying to fix the global financial system, and an emerging East Asian Community (EAC), a trade group that will be similar to the European Union.
By the way, there are two versions of the EAC: one with the US and the other without.
Throw in a global recession and, in short, it was not a birthday to remember for Apec this year.
One of Malaysia's main aims at Apec 2009 was to find out the trade policy of the new US administration. Free trade agreement (FTA) talks with the US have stalled and International Trade and Industry Minister Datuk Mustapa Mohamed admitted that he had heard of the US favouring an existing regional FTA.
In fact, US President Barack Obama has yet to get a final stamp of approval on an FTA with South Korea although the deal was done in 2007.
Indeed, Obama faces unprecedented problems at home. The global recession started in the US and, among other things, the jobless rate has hit a record high. He has to nurse the economy back to health, much to the anger of voters who did not like the bailouts of big financial institutions.
An FTA with South Korea, for example, could send the wrong message to Americans as domestic carmakers lose out due to what they say are trade barriers in South Korea. This could mean that prices of US cars will not be good enough to compete against other brands.
It also means that if South Korean carmakers do well in the US but its US rivals cannot perform in South Korea, more jobs could be lost in the US.
It is exactly this domestic opposition that is stopping Obama from doing more on trade.Prime Minister Datuk Seri Najib Razak initially pressured Obama to be more like George W. Bush on trade policies, but later conceded that the President had problems at home.
Personally, there were two things that disappointed me at Apec. One was that Obama cut short his trip to Singapore. It was understandable that he needed to attend the memorial service for victims of a mass shooting in Fort Hood in the US, but if Asia was really important to the US, he would spend more time with us. That was not the impression I got.
Secondly, there was no major push on the Doha Round of trade talks from the major economies. The Doha deal is essentially this: Europe and the US would open up their markets to agricultural trade and, in return, get better access for manufacturers and service providers in booming markets such as China and India.
Obviously, it has been stymied by differences among these major countries. It is now and more than ever that the world needs this round to be concluded. A successful deal could give the global economic recovery the push that it needs beyond 2010.
But the US talked about another regional FTA rather than dealing with a global solution under the World Trade Organisation (WTO).
The idea of free trade is certainly appealing. Basically, I can sell my products or services at the price I want and anywhere that I want. But you and I know that this is easier said than done.
Governments sometimes want to protect their local producers, so they slap high duties and make imports more expensive. The WTO was set up to make sure its 153 members could sit down and work out a trade deal for everyone.
This arrangement meant that some would not receive a better deal than others just because they were friends. Rather, a poor country could receive better trade terms if it needed to protect farmers to prevent them from being worse off.
When the Doha talks got stuck, the exact opposite happened. Everyone went to talk to someone (normally big trading partners) and created their own FTAs or their own private club. The downside of this is that poor countries will find it hard to progress because they cannot join these private clubs.
This means the divide between the haves and the have nots will be bigger and the world will not be a better place.
I am not confident that the Doha Round will be concluded next year because the recession has produced a lot of problems for governments around the world. And problems at home are certainly more pressing ma tters than talking about lofty ideas about making theworld a better place.
Copyright © The New Straits Times Press (Malaysia) Berhad, Balai Berita 31, Jalan Riong, 59100 Kuala Lumpur, Malaysia
It is a reference to the fact that Apec leaders make decisions by consensus, but they are not binding. It means that a country can agree on one thing today, but do exactly the opposite tomorrow.
An example is how the US can slap import taxes on Chinese tyres in September and yet reject protectionism in the Apec leaders' joint statement. Others say it is losing its relevance as more new groups emerge, often with an economic objective.
Apec now has to contend with the G-20, a group of 20 countries that is trying to fix the global financial system, and an emerging East Asian Community (EAC), a trade group that will be similar to the European Union.
By the way, there are two versions of the EAC: one with the US and the other without.
Throw in a global recession and, in short, it was not a birthday to remember for Apec this year.
One of Malaysia's main aims at Apec 2009 was to find out the trade policy of the new US administration. Free trade agreement (FTA) talks with the US have stalled and International Trade and Industry Minister Datuk Mustapa Mohamed admitted that he had heard of the US favouring an existing regional FTA.
In fact, US President Barack Obama has yet to get a final stamp of approval on an FTA with South Korea although the deal was done in 2007.
Indeed, Obama faces unprecedented problems at home. The global recession started in the US and, among other things, the jobless rate has hit a record high. He has to nurse the economy back to health, much to the anger of voters who did not like the bailouts of big financial institutions.
An FTA with South Korea, for example, could send the wrong message to Americans as domestic carmakers lose out due to what they say are trade barriers in South Korea. This could mean that prices of US cars will not be good enough to compete against other brands.
It also means that if South Korean carmakers do well in the US but its US rivals cannot perform in South Korea, more jobs could be lost in the US.
It is exactly this domestic opposition that is stopping Obama from doing more on trade.Prime Minister Datuk Seri Najib Razak initially pressured Obama to be more like George W. Bush on trade policies, but later conceded that the President had problems at home.
Personally, there were two things that disappointed me at Apec. One was that Obama cut short his trip to Singapore. It was understandable that he needed to attend the memorial service for victims of a mass shooting in Fort Hood in the US, but if Asia was really important to the US, he would spend more time with us. That was not the impression I got.
Secondly, there was no major push on the Doha Round of trade talks from the major economies. The Doha deal is essentially this: Europe and the US would open up their markets to agricultural trade and, in return, get better access for manufacturers and service providers in booming markets such as China and India.
Obviously, it has been stymied by differences among these major countries. It is now and more than ever that the world needs this round to be concluded. A successful deal could give the global economic recovery the push that it needs beyond 2010.
But the US talked about another regional FTA rather than dealing with a global solution under the World Trade Organisation (WTO).
The idea of free trade is certainly appealing. Basically, I can sell my products or services at the price I want and anywhere that I want. But you and I know that this is easier said than done.
Governments sometimes want to protect their local producers, so they slap high duties and make imports more expensive. The WTO was set up to make sure its 153 members could sit down and work out a trade deal for everyone.
This arrangement meant that some would not receive a better deal than others just because they were friends. Rather, a poor country could receive better trade terms if it needed to protect farmers to prevent them from being worse off.
When the Doha talks got stuck, the exact opposite happened. Everyone went to talk to someone (normally big trading partners) and created their own FTAs or their own private club. The downside of this is that poor countries will find it hard to progress because they cannot join these private clubs.
This means the divide between the haves and the have nots will be bigger and the world will not be a better place.
I am not confident that the Doha Round will be concluded next year because the recession has produced a lot of problems for governments around the world. And problems at home are certainly more pressing ma tters than talking about lofty ideas about making theworld a better place.
Copyright © The New Straits Times Press (Malaysia) Berhad, Balai Berita 31, Jalan Riong, 59100 Kuala Lumpur, Malaysia
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