Bangkok declaration for linking developmental issues to WTO

quot;A new round of multilateral trade negotiations should take into accountUnited Nations Conference on Trade and Development UNCTAD meeting said.

A new round of WTO negotiations is slated to be held later this year inSingapore.

The declaration, adopted unanimously by 146 participating member-countries,said individual nations and international organisations should makeconcerted efforts to ensure that the multilateral trading system fulfils itspotential in terms of promoting integration of all countries, particularlythe least developed countries, into the global economy.

Asserting that globalisation needed to be properly managed if it was to bea quot;powerful and dynamic force of the foundation for an enduring andequitable growth at the international level.

quot;For that, it is essential to persevere in the search for consensualsolutions through open and direct dialogue that takes account of thefundamental interests of all,quot; the declaration said.

The UNCTAD declaration attributed the collapse of the contentious issueslike linking of labour standards and environment.

The conference also sought increased policy coherence on a multilateralscale, saying, quot;There should be complementaty between macro economic andsectoral policies at national level and between policies at the national andinternational level.quot;

quot;There is also need for more effective cooperation and coordination amongmultilateral institutions,quot; it said adding institutional frameworks ofmultilateral agencies like World Bank and WTO should be strengthenedaccordingly.

This has been one of the bones of contention between developing anddeveloped countries, particularly India, as the earlier concept of coherenceamong multilateral institutions like WTO and World Bank meant moreconditionalities.

However, in the face of stiff Indian resistance, the provision was watereddown referring only to cooperation and coordination.

quot;Solidarity and a strong sense of moral responsibilityquot; must guide nationaland international policy, it said, adding quot;transparent and participatoryinstitutional arrangements for international economic decision-making wasnecessary to ensure that benefits of globalisation are accessible to all onan equitable basis.quot;

It also underlined the need to raise the overseas development assistancefrom industrialised nations to the committed level of 0.7 per cent of GDP.

The declaration sought the commitment to provide debt relief to poorcountries by writing off existing debt provided it was spent on socialdevelopment.