Statement by John C Tsang, JP Secretary for Commerce, Industry and Technology at the Pacific Basin Economic Council 38th International General Meeting Plenary Discussion on 13 June 2005 WTO and The Global Economy - Maximising Benefits and Sustaining Growth Ambassador Barshefsky, Your Excellencies, Distinguished Guests, Ladies and Gentlemen, It gives me great pleasure to join you today to share with you my views on the WTO, DDA and the MC6. If these acronyms don't mean anything to you, you have probably gone to the wrong room. For some time now, the WTO has been the subject of some rather severe criticism in certain quarters. Some people have even described the WTO as a draconian global economic policeman that undermines state sovereignty. My first point is that nothing is further from the truth. The WTO, with its 148-strong membership, is one of the most well represented international organizations and one that governs by consensus. This serves to ensure that no Member, large or small, would see its interest suppressed simply because it is out-numbered by others in a vote. This protection of the weak and the small against arbitrary action by the large and the powerful is perhaps a fundamental reason that explains the indispensability of the WTO, even in the wake of rapid proliferation of regional free trade initiatives. But this also requires that we have to endure numerous toings and froings, and exercise ever greater flexibility to accommodate one another's concerns. It also means that we have to accept occasionally the state of being collectively unhappy, provided that we are all about equally unhappy, before we can move forward. | |
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