INTRODUCTION - WeFaa

International Trade and the World Economy

WeFaa FOCUS - Integration into the world economy has proven a powerful means for countries to promote economic growth, development, and poverty reduction. Over the past 20 years, the growth of world trade has averaged 6 percent per year, twice as fast as world output. But trade has been an engine of growth for much longer. Since 1947, when the General Agreement on Tariffs and Trade (GATT) was created, the world trading system has benefited from eight rounds of multilateral trade liberalization, as well as from unilateral and regional liberalization. Indeed, the last of these eight rounds (the so-called "Uruguay Round" completed in 1994) led to the establishment of the World Trade Organization to help administer the growing body of multilateral trade agreements.

The resulting integration of the world economy has raised living standards around the world. Most developing countries have shared in this prosperity; in some, incomes have risen dramatically. As a group, developing countries have become much more important in world trade—they now account for one-third of world trade, up from about a quarter in the early 1970s. Many developing countries have substantially increased their exports of manufactures and services relative to traditional commodity exports: manufactures have risen to 80 percent of developing country exports. Moreover, trade between developing countries has grown rapidly, with 40 percent of their exports now going to other developing countries.

However, the progress of integration has been uneven in recent decades. Progress has been very impressive for a number of developing countries in Asia and, to a lesser extent, in Latin America. These countries have become successful because they chose to participate in global trade, helping them to attract the bulk of foreign direct investment in developing countries. This is true of China and India since they embraced trade liberalization and other market-oriented reforms, and also of higher-income countries in Asia—like Korea and Singapore—that were themselves poor up to the 1970s.

But progress has been less rapid for many other countries, particularly in Africa and the Middle East. The poorest countries have seen their share of world trade decline substantially, and without lowering their own barriers to trade, they risk further marginalization. About 75 developing and transition economies, including virtually all of the least developed countries, fit this description. In contrast to the successful integrators, they depend disproportionately on production and exports of traditional commodities. The reasons for their marginalization are complex, including deep-seated structural problems, weak policy frameworks and institutions, and protection at home and abroad.

The World Economic Forum For Asia-Africa (WeFaa) is an International Chamber of Commerce/Organization consisting of Asian and African member's countries and covering 195 countries of the other World relationship with Asia & Africa. The organization states that it is "the collective voice of the Asia & Africa business, trade and economy with other world Nation's business, trade and economic relations".

The World Economic Forum For Asia-Africa (WeFaa) is a tool for business, trades, and industry that would explore international market with Asia and Africa nations and covering 195 countries of the other World "safeguard and protect the interests of the Asian and African business, trade and economy & business, trade and economic in the spirit of promoting international peace and harmony".

The major objective of World Economic Forum For Asia - Africa (WeFaa) is to promote Asia and Africa & and covering 195 countries of the other World business, trade and economic relations. World Economic Forum For Asia - Africa (WeFaa) promotes bilateral trade, investment and technology transfer, facilitates business collaborations, joint ventures, marketing tie-ups and strategic alliances through a set of proactive business-oriented initiative.

Vision and Mission

The World Economic Forum For Asia-Africa (WeFaa) under the Indian Law and managed by INOC. The World Economic Forum For Asia-Africa (WeFaa) is an organ of INOC, which is registered under The Indian Trusts Act of 1882, Governmentof India.

The World Economic Forum For Asia-Africa (WeFaa) is an organization of Asia and African's Nations, other World Members business organizations operating and headquarter based in India regional office at South Africa. The World Economic Forum For Asia-Africa (WeFaa) is accredited & Observer Status by the International Non-Olympic Committee (INOC) and Indo-OIC Islamic Chamber of Commerce and Industry (IICCI) etc. Click Here To See Accreditation.

Established in 26th May 2022, the WeFaa has around hundred of members Companies of Asian and African Nations, other World membership, the remaining being individual or honorary members.

The incumbent Asia and African Nation's and covering 195 countries of the other World's Ambassador to Asia and Africa is the Observer Members of the WeFaa. The World Economic Forum For Asia-Africa (WeFaa) enjoys a very close relationship with the Asian and African Members Embassies officials and receives tremendous support in fulfilling its objectives.

The incumbent Asian and African Nation's Ambassadors (High Commissions) and covering 195 countries of the other World is the Observer Members of the WeFaa. The WeFaa enjoys a very close relationship with the Asia and African Nations Member's Governments, Ministries departments officials and receives tremendous support in fulfilling its objectives.

WeFaa’s principal objectives are:

a). To encourage Trade, Service, Industry, Small & Medium Enterprise, Agriculture, Intra-Regional through creating strong business linkages amongst the entrepreneurs of the Asia and African region with other World.
b). To make recommendations to safeguard the economic and business interests of the Asia and Africa region with other World.
c). To assist as a counseling body of the Private Sector of the region to deliver participation/ response on regional economic issues.
d). To inspire Member Countries to unity favored terms of trade to each other and finally strive towards the gradual realization of the WeFaa Economic and Monetary Union.
e). To endorse the exchange of commercial, technical, industrial management and scientific & technology information, educations and know-how amongst its members.
f). To organize, collect and propagate statistical data and joint research and development among the WeFaa Members & Asia and African Member Countries and other World.
g). To promotes bilateral trade, investment and technology transfer, facilitates business collaborations, Nutrient projects, Agricultural Projects, joint ventures, marketing tie-ups and strategic alliances through a set of proactive business-oriented initiatives.