At the WTO Ministerial Conference in December 2011, a waiver was adopted to allow developing and industrialized countries preferential treatment for services and service providers in the least developed countries (LDCs) WT/L/847. The Bali Ministerial Conference also advised members to put the waiver into service. Most OF the OECD`s FDI flows go to other industrialized countries. According to DL stock data, 75-80% of the foreign stock in OECD countries is in other OECD countries. This high rate is not surprising, as the share of intra-OECD exports in total OECD exports also reached almost 75% in 1994. Trade and investment data reflect strong integration in the OECD area. Aid to trade. The debate over whether developing countries need aid or trade is over. In addition, in 2001, 32 WTO governments established an advisory centre on WTO law. Its members are made up of countries that participate in the financing and those that receive legal advice. All least developed countries are automatically able to provide advice. Other developing countries and processing economies must be paying members to receive advice.
Comparison of the export performance of the least developed countries (LDCs) since 1980 with that of all developing countries confirms not only a strong correlation between export production and the share of manufactured goods in exports, but also a similar positive correlation between exports and the share of investment in GDP and the share of industry in GDP. (This point and precedent are supported by the results of a recent World Bank study summarized in Box 1.) It should be noted that much of this increase is due to a sharp increase in FDI flows from Hong Kong. Estimates based on partner statistics indicate that Hong Kong`s direct investment increased from $2.2 billion in 1990 to $21 billion in 1994 and account for more than two-thirds of outflows from all developing countries. The improvement of the external environment and the modest reforms of many late integrators indicate that their growth rates may improve somewhat over the next decade. But if current policies and trends continue, many developing countries can expect to lag behind OECD countries in terms of GDP per capita. Developing countries claim that market access has not met export expectations in two areas: agriculture and the textile industry. They acknowledge that the letter of the agreements has not been violated, but they feel that the spirit of these agreements has not been respected. Figures in Table 5 show the well-known trend that ODA is much lower and that private capital inflows account for a much larger share of capital flows to developing countries (export credits have also fallen sharply from 1989 levels). In just eight years, the respective shares of public development financing and private capital inflows have been almost completely reversed. The integration changes have been very different. Many developing countries have become less integrated into the global economy over the past decade, and there is a large gap between the less integrated and the more integrated. For example, it is striking that over the past decade, the ratio of trade to GDP has declined in 44 of the 93 developing countries, while the ratio of di to GDP has declined by more than a third.