World trade has 'weathered Asian crisis'<\/p>\n
By Jean-Pierre Kapp<\/p>\n
GENEVA: The world trading system has survived the crises in
\nSoutheast Asia and Russia in good shape, World Trade Organization
\nDirector-General Mike Moore said in an review of developments
\nover the past year in the international trading environment.<\/p>\n
Despite economic problems in many countries, the multilateral
\ntrading system had never been called into question. Moreover, the
\ngeneral economic recovery was a good basis for the start of a new
\nround of talks.<\/p>\n
Whereas in previous economic crises the countries affected had
\nreacted by shutting off their markets, no such behavior had been
\nrecorded during the 1997\/98 economic crisis in Southeast Asia,
\nRussia and parts of Latin America.<\/p>\n
Although some countries had temporarily introduced import
\nduties on certain items, basically markets had kept open even
\nduring the economic crisis, Moore said.<\/p>\n
This was partly due to the good sense shown by governments,
\nbut also to the strength of WTO rules.<\/p>\n
Countries such as Indonesia, South Korea, the Philippines and
\nThailand had opened their markets even further even at the height
\nof the crisis.<\/p>\n
Japan too, despite severe economic difficulties, had met its
\nUruguay round obligations and last year had open its markets even
\nmore than the agreed timetable required it to.
\nLiberal economic policies had enabled the countries affected by
\nthe crisis to create the foundations for a rapid recovery.<\/p>\n
Moore also said that last year fewer countries than before had
\ntried to protect their markets by imposing non-tariff conditions.
\nThis was all the more surprising in that in 1998 in some states
\nthere had been repeated calls for the introduction of
\nprotectionist measures.<\/p>\n
According to Moore, the only area in which the WTO had noted a
\nslight increase in the number of proceedings initiated was the
\nfield of anti-dumping. While it had been the punitive measures
\nagainst steel imports adopted by the USA that hit the headlines,
\nthe WTO had found that the increase in the number of cases
\nbrought to it mainly involved developing countries such as India,
\nMexico and South Africa.<\/p>\n
Moore takes the view that the multilateral trading system is
\nwell-established and that this, together with the worldwide
\neconomic recovery expected next year, provides excellent
\nconditions for the new round of multilateral trade talks due to
\nstart in Seattle later this month.<\/p>\n
Seldom before, he said, had the benefits of trade
\nliberalization been so evident. When the Uruguay Round was
\nlaunched, economic growth was sluggish and market-sharing
\narrangements were becoming the order of the day.
\nHowever, said Moore, a successful start to the Seattle Round was
\ndependent on adopting a negotiating agenda that led to a balanced
\nand fair outcome for all member-states and took into account the
\nwidespread unease about globalization.<\/p>\n
Though nobody could dispute the positive effects of free
\ntrade, some of the criticism of the multilateral trading system
\nwas certainly valid. That was why it was important to ensure that
\nthe new round of talks was more transparent and that social
\npolicy aspects were included in the negotiations.<\/p>\n
The current position of the poorest countries was completely
\nuntenable, said Moore. The fact that the 48 least-developed
\ncountries together held a share of no more than half a per cent
\nof world trade was an enormous cause for concern.<\/p>\n
Sueddeutsche Zeitung<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/world-trade-has-weathered-asian-crisis-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }