Globally, the drive to reinstate economic normalcy got more pronounced when, recently, China reduced its interest rate for the second time, and Bank of England injected small monetary dose in the system.

The Chinese Central Bank announced to cut its interest rates from 6.31 percent to 6 percent, a move to boost economic activity after China recorded its steepest fall in economic growth rate during the last three years.The Chinese economy grew at 8.1 percent annually, a direct impact of slow-down in exports to troubled European countries.

The stock market in China responded negatively to this latest package launched by Chinese Central Bank, with stock prices of major banks falling due to this unexpected action.Shares of the Bank of China, the China Construction Bank and the Industrial and Commercial Bank of China are likewise moving into negative territory.

Recently, the Bank of England jumped into the rough waters and signaled that it would extend its quantitative easing program in an attempt to bring back stability and pull back the economy from the roughness of recession.

Chris Williamson, Chief Economist at Markit said, while referring to English economy “The Economy is showing signs of renewed stress, with GDP likely to fall for a third Successive quarter. Even the Purchasing Managers Index, PMI surveys, the strength of which in first quarter was seen as a key factor behind the bank of England holding off on further Quantitative Easing, have not fallen to an extent that would normally be consistent with further stimulus, based on historical relationships between PMI and policy.”

He believed that quantitative easing program may not produced any formidable impact, but said that at July meeting Monetary Policy Committee might inject money into the system boosting consumer confidence. The Bank of England injected £50 billion euros of electronic money into the system, a move that might help the off-balanced economy to re-balance itself.

And, to expand the drive of monetary stimulus, the European Central Bank joined the other banks by announcing a reduction in key lending rates from one percent to .75 percent. Globally, central banks are more cautious in safeguarding their economies from the venoms of recession, which are high sensitive to events that occur in different regions and circumstances.

Over the last few years, debt crisis in the Euro Zone and financial mayhem that erupted in the US has became the prime factor for weakening and destabilizing economies in other parts of the world. All economies are inter-connected and inter-related in forms and degrees.

Theory tells us that reduction of interest rates will lower the cost of borrowing, and thus will be able to draw the borrower an inch closer to borrowing  and effectively turn policy into real remedy. With fall in interest rates corporations find it easy to rely on borrowing because repayment will be less burdensome, since now corporations are required to pay lesser then earlier and finally leading to rise in production.

The hope is that monetary aid extended by central banks in various countries and diverse regions of the world might help the wheel of economic activity to gain velocity.

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The Coalition for U.S.-Russia Trade, comprised to date of more than 70 business associations, companies and agricultural groups, including  the National Association of Manufacturers and the American Farm Bureau Federation, welcomed the announcement made by the WTO’s Ministerial Conference in Geneva to formally invite Russia to become a member of the global rules-based body.

The Coalition’s task now is to work with the U.S. Congress and the Obama Administration to pass necessary legislation that makes Russia’s market concessions fully available to U.S. business and agriculture.

“Russia is the 11th largest economy in the world, yet it is still not bound by the international principles and standards of the WTO.  Today’s invitation brings Russia one step closer to abiding by and adhering to global rules.

We applaud the negotiators from the United States, Russia and other WTO members, without whose dedication and hard work this historic moment would not have been possible,” said Edward Verona, President and CEO of the U.S.-Russia Business Council (USRBC), the Washington, D.C.-based trade association that serves as Secretariat of the Coalition for U.S.-Russia Trade.

“The terms of Russia’s WTO accession agreement will provide businesses in the United States the opportunity to operate with greater transparency and predictability in the Russian market – but only once the U.S. Congress graduates Russia from the Jackson-Vanik amendment and extends Russia Permanent Normal Trade Relations (PNTR),” Verona added.

Russia’s WTO membership agreement stipulates that the Russian government must ratify the accession package by June 15, 2012.  Once the agreement is approved by Russia’s legislature and signed by the Russian President, the Russian government will notify the WTO of its approval, and 30 days later Russia will officially become a member of the WTO.

For now, the Obama Administration has invoked what is known as “non-application,” notifying the WTO that the United States cannot yet offer Russia immediate and unconditional free trade status, as WTO rules require.  Thus, Russia is not obligated to grant U.S. business and agriculture full rights to the wide range of concessions it made to become a WTO member.

Thus, while the achievement of a high-standards deal on Russia’s accession is cause for celebration, the U.S. business and agricultural communities realize their work is not done.

“We now need to help Congress understand that, without Russia PNTR, the U.S. private sector is going to miss out on growing export and investment opportunities in Russia that will create and sustain jobs here in the United States,” said Randi Levinas, Executive Director of the Coalition and Executive Vice President of the USRBC.

“The Jackson-Vanik amendment no longer provides us with leverage in our relationship with Russia.  It now stands only as an impediment for U.S. economic interests. We will be working hard in the coming months with the Congressional leadership, the committees of jurisdiction and the Administration so that U.S. interests can take full advantage of Russia’s accession in a timely fashion.

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Otavalo is one of the most important markets in South America. It is located in the city of Otavalo in the Imbabura Province of Ecuador. The town shows colonial architectures, with narrowed streets. The people known as the “Otavaleños” have conserved their traditions with perseverance, exposing their culture and beliefs proudly.

The town encloses approximately 50,000 inhabitants and it is located on a precious site, by being a city enclosed and surrounded by mountains and volcanoes, such as the Imbabura 4,630m, Cotacachi 4,995m, and the Mojanda volcanoes.

The inhabitants are mainly indigenous, followed by mestizos and a small percentage of afro-ecuadorian. The indigenous people are mainly dedicated to the production and commerce of textile crafts, meanwhile the others focus on different activities such as stores, transport, tourist services etc.

In the market you will find colors, textures and handcrafts. Hammocks, shigras, ponchos, sweaters, hats, necklaces, tablecloths, earrings, bags and many other crafts are the center of attention for tourists as well for native people that come to the market in order to buy these amazing products at great prices. The indigenous crafts give great recognition to otavalos at an international and national level. The products of ancestral origins are a strong factor for the local economic sector since the products are made for markets abroad.

One of the great things to notice is the clothes for women. The vestment consists on white embroidered blouses, with flared lace sleeves, followed by a black skirt with a cream or white underskirts. The women’s long black hair is tied back with a colorful ribbon that matches the band of their waists. Their necks are also decorated with beautiful necklaces made of strings of gold. Men wear much simpler clothing, just using white trousers and dark blue ponchos.

The native language of the Otavaleños is Quechua, commonly known as the primary mother-tongue of the Inca empire. It does not have any similarity with the Spanish language, although some words from Quechua have been introduced and incorporated into the Spanish language, such as Ñaña (sister), Taita (father), achachay (expression to denote a feeling of cold), and chacra (farm).

Music has been a primordial sector in Otavalo. Since the town is also recognized as being the wedge for artists and compositors of Ecuadorian music, it has served as musical contribution with indigenous folkloric groups, with national and international trajectory.

There are many forms of transportation for getting to this town, the easiest way being by bus. From Quito, there is the possiblility to take the interprovincial buses, known as the Transportes Otavalo and  Los Lagos, which arrives directly to the city of Otavalo.

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