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| Sunday, 21 September 2003 |
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WTO talks Asian countries could benefit from protest by Pelham Juriansz The World Trade Organisation (WTO) talks in Cancun, Mexico were not all that successful, in fact, at the outset it was a downright mess. To begin with, a South Korean farmer committed suicide, a rather inauspicious start for this supposedly important meeting. Rival blocs clashed over agriculture for five days and talks finally died when poor countries refused to discuss new rules aimed at cutting the bureaucracy and backhanders that hurt trade. The Sunday Observer sought the views of some prominent businessmen regarding the WTO talks. When Ravi Abeysuriya, CEO and Managing Director of Fitch Ratings Lanka Ltd said the talks had failed, perhaps the word "utter" was on his mind. "Western countries are dominating the whole scene and are not reducing tariffs. They are protecting their own interests. It is indeed unfair. It is good that developing countries put pressure on the developed countries and the Super Powers especially Japan and USA as they are not helping out with the farming subsidies, but safeguarding their own interests. "The best method is to make sure that the cost of production comes down. It is imperative for us as a developing nation to compete. For instance, in the tourist industry, if places like Bali and even India and Bangladesh can give cheaper rates, tourists will flock there. We have to compete by giving cheaper rates even within the SAARC region. "The other factor is improving this country economically. The deposit and interest rates are low, but when one borrows money, the interest rates are high," said Abeysuriya looking at it from a financial aspect. Eraj Wijesinghe, Chairman Bartleets and head of the Colombo Stock Exchange said Sri Lankans are not prepared for this type of meeting and the public needs to be made aware of what happens at these WTO meetings. The trade chambers are doing a good job in this regard, but the Government should not leave it to the Chambers alone, he said. On the developed world's reactions to the conference, he said they are probably scared that their economies will be affected and are taking precautionary measures. "We have to understand the impact of exporting rice on our economy. The poor farmer is affected most." On creating awareness of what happened at Cancun and how the decisions could affect us, Wijesinghe said the Government could use seminars, conferences, and the media for this purpose. CNCI President Ranjith Hettiarachchi said that although the conference had started with the issue of the cotton subsidy given being equivalent to the total amount of trade, agriculture became a major issue later on. He recommended the formation of blocs with India and other SAARC countries. "Since agriculture is our main source of livelihood, we must look after the industry and safeguard our farmers. If drastic policies are taken against agriculture and these are implemented, we will be adversely affected. "Sri Lanka should create a permanent desk with a think tank whereby those involved can discuss trade agreements before the next WTO meeting to be held in 2005. We need a focused specialised approach. Hardly any concrete decisions taken at these meetings." |
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