XINHUA GENERAL NEWS SERVICE
Singapore has warned the ongoing 4th WTO Ministerial Conference against the trend of inward-looking trading blocs and marginalization of small and poorer countries in the world trading game, according to a press release form the government.
The press release was issued to give out the full text of the speech delivered by Singapore Minister of Trade and Industry George Yeo at the conference in Doha Saturday.
"We risk the world breaking up into blocs," Yeo said, citing EU's eastward expansion, U.S. intention to move southwards and conclude a Free Trade Area (FTA) of the America by 2005 and the latest agreement between ASEAN and China to commence negotiations for an ASEAN-China FTA in 10 years. These regional initiatives can lead to the world breaking up into inward-looking trading blocs and developing countries outside of these three spheres of influence may find themselves marginalized or worse, shut out of the trading game, Yeo said.
"Within each bloc, the smaller, poorer countries will have less negotiating leverage," he added.
Noting that there is much dissatisfaction with the WTO especially among developing countries, he said some developing countries feel that globalization has left them behind and many now feel ignored and taken for granted.
The new economy revolution has widened further the gulf between rich and poor countries, he said.
This is because they could negotiate more for themselves during the Cold War playing one big power off against another, he added,
He said that rich countries are well able to look after themselves in the negotiations and Singapore's sympathies should be reserved for those who have difficulties defending and advocating their own interest.
Yeo stated that Singapore as a city-state supports the launch of a New Development Agenda in Doha( New Round), saying "another failure after Seattle will give heart to all the naysayers of globalization and make an early economic recovery that much more difficult for all of us.":
