Morocco stresses need to secure developing countries' interests in multilateral trade

Moroccan Economy and Finance Minister Fathallah Oualalou told Monday the 61st session of the development committee held in parallel to the World Bank-International Monetary Fund spring session, the international community ought to secure developing countries' interests in the new multilateral trade system.

Oualalou said a new approach should ensure the stability and durability of growth and integrate developing countries in the world economy. He stated that customs barriers should be opened for poorest countries' exports and new negotiations should start for liberalizing exchanges in sectors where developing countries have advantages.

For the Moroccan minister, the second challenge consists in reducing indebtedness that cripples development efforts by heavily-indebted countries and countries with intermediary income. He went on that, on their part, developing countries should adopt strategies geared towards economic growth and social development, stressing that it would be an international commitment revolving around a new partnership of solidarity. He explained that this is the only way if the multilateral trade system and globalization are to be factors of integration and growth for all.

The development committee session is held amidst a wide debate on the role of international institutions in addressing negative impacts of globalization, on developing countries particularly. The agenda includes the role of international trade in promoting development and reducing poverty, enlarging the debt-alleviation initiative, poverty-reduction strategies and actions to stop the HIV-AIDS propagation.