UN General Assembly
2005

At the same time, frameworks establishing fair conditions for international trade are a prerequisite if poorer States are to share the benefits of globalization. The EU is leading the way with its “Everything But Arms” initiative, which grants the least developed countries duty-free and quota-free market access. In that context, we must do all we can to make the Ministerial Conference of the World Trade Organization, to be held in Hong Kong in December, a success. Only in that way can we bring the Doha round negotiations to a successful conclusion. We also know that excessive indebtedness curbs growth and development. The realignment of the Heavily Indebted Poor Countries (HIPC) Debt Initiative after 1999 has considerably reduced the indebtedness of some 27 States. Germany has to date forgiven €6.5 billion of debt and has earmarked a further €4 billion for the continuation of the HIPC initiative. Debt relief is, however, dependent on all creditors spreading the burden fairly among themselves. We are alarmed by the fact that commercial and State creditors