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Developed Countries Urged to Make Benefit of Globalization for All
Dignitaries from Asia and Europe at a conference in Dhaka Friday said that the developed countries should fulfill their commitments to prove that the globalization process of economy will benefit poorer nations too.
Addressing the inauguration of a two-day first ever Asia Conference of International Chamber of Commerce (ICC), they said the developed nations should extend financial and technical support to their developing and least developed partners to obtain the expected benefit of the process.
In a message to the conference which was opened by Prime Minister Sheikh Hasina, Secretary General of the United Nations Kofi Annan echoed the sentiment of the policy makers and professional luminaries, saying that " with global corporate citizenship, globalization can come to benefit all people."
Dr. Supachai Panitchpakdi, Thai Deputy Prime Minister and next Director-General of the World Trade Organization (WTO), said the collapse of the Seattle conference was a wake-up call for all WTO members that they need to give greater consideration to the needs and interest of the developing and least developed countries.
He said: " the future trade negotiations can come about only if they are beneficial to all."
He hoped that all would gain great deal from the multilateral trading system of the WTO, since it would not only offer predictability, transparency, and certainty in trading pursuits but also access to markets and resources required for growth and development.
Bangladesh Commerce Minister Abdul Jalil said the developing and least developed countries are facing twin problems of entering into the markets of the developed nations and isolation from the globalization process because of their inherent shortcomings.
He urged the developed countries to allow duty and quota-free access of least developed countries' products, withdrawal of non- tariff barriers, providing of technical assistance and help improve infrastructure and human resources development to comply with the new trade regime.
Pointing out the benefit of the new trading system prescribed by the WTO, Asian Development Bank President Tadao Chino said, " globalization also poses the risks that need to be managed."
Rapid globalization and increased competition can adversely affect countries when the policy environment is weak, he said.
He urged for finding ways to maximize the benefit of globalization and minimize its risks and downside effects.
ICC Secretary General Maria Livanos Cattaui gave a detailed account of the ICC activities being contributed to the global economic development.
She lauded the role of some developing nation members in devising policies of the world business organization.
Over 220 participants from 24 countries of Asia and Europe are taking part in the conference titled "Investment in Developing Countries: Increasing opportunities."
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