President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has expressed his concerns that rich (developed) nations compel the poor (under-developed/developing) ones to accept their terms for trade and other conditions including involuntary purchase of their products even if these are neither suitable nor required by the poor.
Offering an example, he said that developed countries are exporting GM food to developing nations despite the fact that the same is banned in their own countries which is height of cruelty. He said that globalisation has not helped the world but inflicted harm and added to the miseries of the underdeveloped nations.
Globalisation has given rise to unemployment and widened the inequality gap which hurts the societies and national interests, he noted. Great many developing countries are trying hard to match themselves up to the terms of globalisation which many see as systematic and legitimized plunder, he added.
Mian Zahid Hussain said that many economists see direct link between globalisation and unemployment as the earlier systematically shifts resources from developing world to the developed world. He said that the recent amendment in Pakistan Seed Act is a legislative disaster that will have negative impact on entire cotton group including textiles and for the food security. Many developing countries are dragged into prolonged conflicts, wars, internal strife and political instability which in turn dent their GDP consequently aiding the GDP of developed economies which are the major beneficiaries of the struggles.
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