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Image header Agence Europe
Europe Daily Bulletin No. 8008
Contents Publication in full By article 35 / 37
GENERAL NEWS / (eu) eu/wto

World Bank Vice-President calls for modification of world trade architecture in favour of development

Brussels/London, 17/07/2001 (Agence Europe) - The economist Nicholas Stern, Vice-President of the World Bank, called on the international community to launch a Development Round and to change to architecture of world trade in order to fight more effectively against poverty. The improvement of revenue, education, health and security in the world goes through a strengthening of the climate for investment and the trade environment, as well as through a greater participation by the poorest populations in growth, two pillars of a development strategy that has already proved itself to be the bearer of rapid progress in countries as varied as China, India, Uganda or even Mexico, he indicated in a speech made last Thursday during the inauguration of a new laboratory at the London School of Economics. Mr Stern called on the WTO to make the next round of trade negotiations a "Development round" centred on the opening of markets to goods and services from the poorest countries, by also aiming for an easing of some of their existing commitments. He feels that issues such as the environment and social standards must be tackled within the appropriate international boundaries and that direct assistance must be given to the developing countries, as this mainly concerns, according to him, issues of development rather that trade issues. This is one of the actions that Mr Stern recommends leading, outside the round, in the framework of a programme, whose aim must be to alter the global trade architecture to the benefit of development.

 

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