WORLD BANK OFFICIAL URGES FAIRNESS FOR POOR COUNTRIES IN WTO TALKS.
World Bank Chief Economist Joseph Stiglitz yesterday called on the big trading nations to create a "fairer" order for poor countries, and said prevailing views on non-tariff trade barriers and capital controls must be re-evaluated, reports AFP. The forthcoming Seattle round of WTO negotiations "must be fairer than previous rounds...particularly in relation to the developing world," Stiglitz said at a regional business forum in Manila.
He cited the removal of protection of agriculture and non-tariff trade barriers in developing countries, a process which he said could hurt if applied. More attention must be placed on capital flows particularly in the developing world, he added. Capital flows "can wreak havoc on less-developed countries."
There is a "need for countries to address these and a willingness to experiment" with solutions, Stiglitz said. The economist said the Seattle round, which starts next month, must also work to create a global standard which "cannot be dictated by any single country." Stiglitz said the process must be representative, and "based on broad theories on consensus" among financial, business, labor, government, and academe.
His comments on the WTO broadly reflected those of US President Bill Clinton, who called last week for more inclusiveness in world trade negotiations that will put a "human face" on economic endeavors and benefit both the rich and the poor, the story says.
Meanwhile, an international caravan of free-trade protesters will begin a month-long trek across the US next week to build opposition to the WTO meeting in Seattle scheduled for November 30 to December 4, the Journal of Commerce (p6) reports.