Global Policy Forum

Thailand's Deputy Premier
Sees a New Era of Trade

With the failure of December's World Trade Organization meeting in Seattle, the spotlight of global trade concerns has shifted to this week's United Nations Conference on Trade and Development meeting in Bangkok - traditionally a developing-country talk shop. Thai Deputy Premier and future WTO chief Supachai Panitchpakdi spoke to REVIEW correspondent Shawn Crispin. Excerpts below:

On Unctad's role in world trade:

At Seattle there were numerous countries, particularly developing countries, that really have had difficulty implementing trade-liberalization measures. It is not because they have neglected to implement these commitments. Considering the economic turmoil of the last few years, the developing countries have real difficulty and they lack the ability and power to implement these measures. In order to build confidence further, the issues of trade that are going to be included in a plan of action of Unctad should reflect the membership of Unctad.

We have learned the hardships of being unprepared for the globalization process, so we want to share that. Finally, we want Unctad to function as a global forum for exchanging ideas on globalization.

On post-WTO trade talks in Seattle:

I see Seattle as a watershed, a signpost that now is a new era. It's not a polemic between advanced and less-advanced countries. But it clearly shows that developing countries together are now sharing a likelihood of their agendas, which up until now has been lacking. So much blame has been put on the developing countries that they lack their own agenda.

Unctad's role on investment:

So we are asking Unctad to look into how developing countries can prepare themselves and adopt policies that will make them attractive for investment. And vice-versa: How can foreign investment be linked with domestic requirements so that all investment can be useful and not exploitative of recipient countries.

We would like to see Unctad being part of the working group or group of organizations trying to determine a new financial architecture. It is not just the IMF's work to be looking at the financial architecture. At this point, we still have a lot of discussion to go through because more advanced countries still do not agree that Unctad should be playing that sort of role. Unctad should be representing developing countries looking into new financial architecture, because the developing countries are the least prepared and can be hit very hard by all this misbehaviour of the hedge funds.

Will Unctad champion the cause of developing countries?:

I recognize the need to consult with developed members of Unctad. We should not play down the membership of the developed countries of Unctad.

As future head of WTO:

I will not go there with a mission to be different from my predecessors. I think the task is to continue with the process of change at the WTO and with the changing circumstances around the world. That means our members will have to be better prepared. The new round should look to take care of the plight of the developing countries. It's not that difficult and I don't think it's too high a price to pay.

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