Egypt calls for equal benefits for developing nations

Egypt called for a new strategy based on the effective and positive participation of all world states to administer the world economic order in a manner that will provide all countries, especially the developing ones, with equal benefits from this participation.

Addressing the UNCTAD Conference in Bangkok Sunday, Minister of Economy and Foreign Trade Dr. Youssef Boutros Ghali said this would reflect positively on the efforts of developing countries in the application of the economic reform program and the realization of high rates of economic and social development.

He called on UNCTAD member states to work on the application of these policies.

The UNCTAD future agenda, he said, must focus on six issues, first and foremost economic globalization and its effects on developing and less developing states.

Ghali underscored the importance of multilateral trade system that should take into consideration the developmental dimensions of trade and should be a just one in terms of heeding the levels of economic progress when meeting out commitments, creating opportunities and offering privileges.

Egypt pressed for speeding up the resumption of the (WTO) third Conference after it stalled in Seattle.

Ghali voiced the developing countries` concern at the recent negative signs witnessed by global economy, as the deterioration in international trade terms at the expense of developing nations, the severe fluctuation in primary commodity prices and the tendency to concentrate direct foreign investments in a limited number of countries and in specific sectors which might not be in line with the priorities set by Developing Countries.

Speaking of Developing Countries' chances under a globalized economy, Ghali, acknowledging that globalization carried unprecedented promises of development and prosperity for all world peoples, said that after developing nations had been committed under the Uruguay round to opening and liberalizing their markets, several of their exports were still facing barriers that no doubt affected their reaping real benefits from the multilateral trade system.