Trade Essential for Poor Countries' Development: Officials

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Last updated at: (Beijing Time) Saturday, April 12, 2003

Trade Essential for Poor Countries' Development: Officials

Trade is an essential issue for the development of the poor countries, said Fuad Siniora, Finance Minister of Lebanon and Chairman of the Group of 24 on Friday.

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Trade is an essential issue for the development of the poor countries, said Fuad Siniora, Finance Minister of Lebanon and Chairman of the Group of 24 on Friday.

Siniora told Xinhua that trade is a more fundamental way for poor countries' development because trade is aimed at long-term development. "Assistance could be just one year," said Siniora.

Promoting trade was one of the key initiatives for Friday's Meeting of the Ministers of the Group of 24, part of the spring meetings of the World Bank and the International Monetary Fund (IMF) this year.

Surrounding the trade issue, financial ministers of the Group of 24 talked about market access to industrial countries, subsidies for agriculture and tariffs, urging more support for poor countries.

In a speech at the Group of 24 meeting, Siniora said the meeting is taking place at a time of very difficult global circumstances, which makes the prospects of the developing countries especially challenging.

Siniora called for "a clear chart and framework of accountability" that ensures all partners to achieve the goals of development.

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