Sorour calls for adopting flexible policy in trade domain

People's Assembly Speaker Ahmed Fathi Sorour called on Parliaments worldwide to work on serving their peoples in line with the policies adopted by the governments as regards issues inside the World Trade Organization (WTO).

In a speech he delivered Saturday before the International Parliamentary Union (IPU) conference in Geneva on world trade, Sorour said that trade is important for development as it contributes to enhancing economic growth.

He said that the meeting offers a good chance for the world parliamentarians forum to consider the means that should be followed to optimally benefit from trade, realize integration and avoid the risks of globalization.

The preamble of Marrakesh Agreement, by virtue of which the WTO was established, provides for directing economic relations towards upgrading the standards of living and expanding the production and trade of commodities and services, said Sorour.

We can sense the direct impact of international trade on the living aspects of peoples today more than ever before, which we can obviously notice as regards availability of jobs, cheaper and better products and competitiveness, said Sorour.

He pointed out that balance must be realized as regards the WTO rules in order to guarantee enabling legislators to strike a balance between trade objectives and other legitimate socioeconomic objectives aspired for by governments and parliaments.

The Uruguay Round attached importance to full-fledged trade liberalization but it did not consider the upward customs tariffs of several products of export importance for developing countries, which depend on one product or more to get revenues from export, said Sorour.

The truth remains that full liberalization of trade would not bear fruit for developing countries, he added.

Sorour further noted that developing countries need to be flexible in making their policies adopted in their projects and channelling direct investments into sectors of priority within an overall development strategy and encouraging innovations.