January 10, 2000
Bangkok: The end result of the World Trade Organization's November conference in Seattle is "a blessing in disguise," WTO Director-General-elect Supachai Panitchpakdi said on Friday. In a written interview with Xinhua, Supachai, Thailand's deputy prime minister and commerce minister, said the breakdown of the Seattle conference was a "wake up call" to more advanced WTO member nations. He said they must give greater consideration to the needs and interests of developing members. Since he began running for the post of WTO director-general in November of 1998, Supachai has labeled himself as a representative of developing nations. He has enjoyed popularity among developing members of the world trade body.
On the other hand, he said, the collapse of Seattle talks revealed the urgency in searching and developing a more effective and transparent decision-making process within the WTO. "With the increase in the number of members, it is clear that the WTO institutional framework and negotiating tools need to be improved to accommodate the inevitable rise in the number of diverse interests and complex issues, as well as differences in the basic values and culture of the participants," he said. The Seattle conference laid open the areas that require the utmost attention, Supachai said.
The first priority of the WTO in the new century, he said, must be to ensure that the group continues to be an effective forum for global trade negotiations. "I would like to implore all member countries to maintain the momentum of a multilateral liberalization processes by intensifying their efforts to find a common ground, so that we can launch a new round of trade negotiations," said Supachai, who will succeed current WTO Director-General Mike Moore in 2002.
He also stressed that efforts should be made to ensure that all WTO agreements and future trade negotiations lead to the long-term welfare and prosperity of the world's overall economy. The WTO is a genuine international organization, with 135 members. That's compared with the 23 members of its predecessor, the General Agreement on Tariffs and Trade (GATT). As such, Supachai said, the WTO has gained increasing public visibility, he said. It has created rules and norms for international trade practices, injecting greater predictability and transparency into the world marketplace.
However, the benefits generated from the more favourable trading environment have been distributed in an unequal manner, Supachai said. Supachai called for more efforts to make the WTO a truly universal organization, wherein all can participate on an equal footing. This implies that favourable treatment and considerations need to be given to the interests of developing members, he explained, for them to participate more actively and effectively in the WTO.
When asked about China's possible entry into the WTO, Supachai said the move will be "an auspicious event for China, the WTO and the multilateral trading regime as a whole." China and the United States reached a WTO entry agreement late last year. On one hand, he said, China will gain a great deal from becoming a WTO member in terms of predictability, transparency and greater access to markets and resources. Such access will help expedite Chinese market reforms and enhance opportunity for growth and development. On the other hand, the accession of China, a market of more than 1 billion people, will be a big boost for the WTO and the entire multilateral trading system. It will greatly enhance attempts to create a more open trading environment, Supachai said.
When asked about the process of globalization and its impact on world economies, Supachai said people should not turn away from the process. That's even though its negative impact could be seen from the spread of the Asian financial crisis. With a better and faster telecommunications system, advanced computer technology and rapid innovation in financial and information services, it is widely believed that globalization will contribute to world development, Supachai said.
But he also pointed out that countries should continue to adapt and properly adjust to the changing environment brought about by globalization. He said developing nations need to make far more adjustments and far-reaching reforms to keep up with the rapid pace. But with proper adjustments, they will still gain more in terms of increasing their resource base, expanding their market opportunities and expanding the needed technological know-how.
More Information on the World Trade Organization
FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Policy Forum distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C íŸ 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
