Trade has undoubtedly created unimaginable
wealth and welfare throughout the world, but at the same time it has also
precipitated worrisome disparities in job creation and income distribution in
many countries.
Spellbound this afternoon, I listened to Yi Xiaozhun, Deputy
Secretary General of WTO, to reaffirm my conviction that protectionism is the wrong medicine for the cure of this malady.
Rather
than questioning the merits of trade, affected partner countries of our
multilateral trading community should find those
tools and economic policies which ensure that (a) benefits from trade are
distributed as fairly as possible among local communities and their peoples;
and (b) local industry of high import content is not unreasonably exposed to
(unfair) foreign competition.
A great lecture by all counts.
HE Haralambides
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