Minnows Of Trade Call For A Fair Deal
Sydney Morning Herald
Tuesday February 15, 2000
The isolated Himalayan kingdom of Bhutan believes it can only benefit from the forces of globalisation if developed countries recognise its special constraints.
Mr Lyonpo Khandu Wangchuk, Bhutan's Trade and Industry Minister, was among many delegates from poor countries who expressed grievances at the United Nations Conference on Trade and Development (UNCTAD) in Bangkok yesterday.
For starters, Mr Wangchuk complained that the most recent efforts of the World Trade Organisation (WTO) to make international trade more equitable had been a ``major disappointment".
``We share many of the problems facing landlocked countries such as high cost of production, a small and undeveloped resource base, lack of access to the sea and world markets and underdeveloped transport and communications infrastructure," he said. ``The difficult mountainous terrain does not make the task of development any easier.
``It is, however, our firm belief that progress and prosperity of a nation is irrevocably tied to the global economic system."
Morocco's Foreign Minister, Mr Mohamed Benaissa, told the conference declining levels of international development aid were of grave concern and that external debt remained a major obstacle to development.
He supported a proposal for the establishment of an independent body to review the sustainability of African debt. Under the plan creditors would agree to write off debt deemed to be unpayable.
Mr Benaissa also echoed other speakers in calling for greater efforts by the United Nations and other bodies to develop the capacity of poor countries to attract and utilise foreign direct investment.
Sri Lanka's Commerce Minister, Mr Kingsley Wickramaratne, said it was becoming increasingly clear that globalisation had contributed to the marginalisation of small and vulnerable economies. Paradoxically in the new millennium the economic gap between rich and poor countries was continuing to grow.
The economic crisis in South-East Asia had underscored the susceptibility of developing countries to speculative capital flow.
Perhaps the most unorthodox contribution to the UNCTAD conference yesterday came from the head of the North Korean delegation, the Trade Minister, Mr Kang Jong- mo.
``In the long run the opportunities afforded by globalisation benefited only developed countries and a few privileged circles while the majority of developing countries suffered only failure and frustration," he said.
© 2000 Sydney Morning Herald