The ninth World Trade Organisation’s Ministerial Conference that is being held in Bali, Indonesia, should revive and strengthen the credibility and confidence of the multilateral trading system. This was said today by the Indonesian President His Excellency, Dr Susilo Bambang Yudhoyono at the opening of the Ministerial Conference.
He said that the ministerial meeting has an opportunity to achieve what the negotiators have failed to achieve in Geneva ahead of this meeting. Negotiators have failed to craft the first global trade deal in more than a decade, which according to some estimates could provide a US$1 trillion boost to the world economy.
President Yudhoyono said that with the Bali ministerial meeting, the ministers have an opportunity to lay the path to make global trade easier, fairer and more inclusive for all.
“Now, when all ministers responsible for trade are here, we must make good use of our strong political will. We must put in place a work program that will deliver the outcomes the world is waiting for. And all of us must find more flexibility— for the good of the WTO, for the good of our economies and for the good of our peoples around the world. By doing so, we will contribute to the efforts in strengthening the credibility and confidence of our multilateral trading system” he said.
South Africa earlier also expressed its disappointment that the Bali Package was not concluded prior to the ministerial meeting. South Africa’s Ambassador to the WTO, Faizel Ismail said the organisation continues to be in crisis – due to the prolonged impasse in the Doha Round.
“This crisis is now exacerbated by a shift of the resources and energy of the largest and richest members towards transcontinental and mega-bilaterals. An “all or nothing” approach was another attempt to shift the focus of attention from the needs and interests of the poorest members towards that of narrow business interests. Nevertheless – the majority of members were willing to do what it takes to re-build support in the rich countries for multilateralism and the Doha Round. This was reflected in their active participation in the Bali package negotiations” added Ambassador Ismail.
Speaking at the opening of the Ministerial Conference, the Director-General of the World Trade Organisation, Mr Roberto Azevêdo said that the future of the WTO and the Multilateral Trading System is in the balance. He stated that the Ministerial Conference should come-up with a way a forward.
“One option is to continue with our routine work, but not reaching multilateral decisions, not delivering on growth and opportunities, and not delivering for the developing world. Or, we can seize the opportunity we have here to move towards a strengthened, vibrant global system, which supports growth and development, and which integrates poorer nations into the system and into the world economy. This is the choice that you must make here over the coming days”, added Azevêdo.
Azevêdo further said that the fragility of growth in the global economy has affected trade flows and economic conditions have generated protectionist pressures in some areas.
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Sidwell Medupe
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E-mail: MSMedupe@thedti.gov.za
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