But this major engine for economic growth is helping some nations more than others -- it is particularly dominant in Asia -- and new ideas are needed to spread its benefits throughout the developing world, speakers said Wednesday at the UNCTAD XII ministerial conference in Accra, Ghana.  They addressed a roundtable on "Emergence of a new South and South-South trade as a vehicle for regional and interregional integration for development."

Participants called for effective regional agreements to allow developing-country imports and exports to flow more freely, as tariffs and other barriers often limit opportunities for poor nations to benefit from trade with their neighbours.  The South Asian free-trade zone was cited as an example of what to do.

UNCTAD Secretary-General Supachai Panitchpakdi said the growing power of developing countries and trade between them is leading to a “second wave of globalization.”  But all that impressive economic activity must be shaped to produce different, more equitable results, he stressed.  There must be more involvement outside the fastest-growing regions.  Market access must be expanded.  And poorer countries must diversify their roles beyond supplying commodities and minerals to the fastest-growing countries.