. /.   WORLD TRADE  
ORGANIZATION  WT/MIN(09)/9 
1 December 2009 
 (09-6058) 
MINISTERIAL CONFERENCE 
Seventh Session Geneva, 30 November - 2 December 2009 Original:   Spanish 
 
  
ADDRESS BY H.E. MR. ANDRÉS VELASCO 
MINISTER OF FINANCE OF CHILE 
AND CHAIRMAN OF THE SEVENTH SESSION 
 
 
 I would like to start by thanking you all for inv iting Chile to chair this Ministerial Meeting.  It 
is an honour not only for me but also for my country, which firmly believes in the multilateral 
principles embodied by the WTO.  To a very la rge extent, Chile's development depends on our 
foreign trade and this is why we welcome the exis tence of clear and predictable rules.  Over the 
60 years of the multilateral system's history, Chile h as benefited from these rules in order to become 
integrated into international trade.  In turn, the commitments we have undertaken have helped us to 
consolidate our economic reforms.   The current economic and financial crisis, the mo st important in recent history, has cast doubt 
on many of the bases on which the international economic order was built after the Second World 
War.  It has led us to look anew at the role a nd functioning of the economic  and financial institutions 
that emerged from this order.  Nevertheless, the va lue of the WTO has been clearly reaffirmed.  The 
stabilizing effect of the WTO's rules and commitme nts has so far prevented a protectionist spiral 
similar to that which occurred as a result of the crisis in the 1930s.  We have all suffered from a 
notable decrease in trade flows as a result of the do wnturn in the international economy.  It is clear, 
however, that this slowdown would have been even  more marked if the WTO's safety net had not 
intervened.  The strength of the multilateral trad ing system and the commitments we have all 
undertaken put us in a better position to recover from the crisis.   The WTO must continue to play its role as a strong and relevant organization, the cornerstone 
of the multilateral trading system.  To achieve this , it is obvious that the prompt conclusion of the 
Doha Round negotiations remains a primordial obj ective;  that the development dimension should 
continue to be the focus of the Round;  that pr oper and appropriate compliance with the obligations 
already assumed reinforces the cred ibility of the system;  and that , consequently, building trade 
capacity is a priority for the WTO. 
 
 Along the same lines and if we want to have a ge nuinely universal institu tion, it is important 
to pay greater attention to accession procedures.  Today, we are 153 and almost 30 countries are 
awaiting accession.  The more global the membership of the WTO, the stronger and more credible it 
will be. 
 
 This Ministerial Meeting is different to those we  have held in the recent past.  Its purpose is to 
undertake a political review of the WTO's work and to provide guidelines for how we want to conduct 
our work in the future.  We are going to evaluate  the performance of our Organization in order to 
ensure that its work is even more  effective in the future.  We ha ve the opportunity for an open and 
transparent discussion of the contribution which the Or ganization must continue to make to the global 
community, particularly in view of the current econom ic and financial situati on.  This exchange of 
ideas and outlooks will, in the end, not only help us  to keep the WTO up-to-date but will maintain it at WT/MIN(09)/9 
Page 2  
 
  the centre of the international trading system of th e future.  We must have such debates on a regular 
and continuous basis.  The decision to hold th e Eighth Ministerial Conference within the next 
two years is a step in that direction.   As Chair, I should like to assure you of my fu ll commitment to ensuring that this meeting will 
be totally transparent, inclusive and participator y, principles which have formed the basis of the 
preparatory process headed by Ambassador Matus.   Together with my colleagues, the Vice-Chairs,  and the Director-General, I shall endeavour to 
provide a dynamic and interactive environment for our work.  Nevertheless , this Meeting and the 
institution belong to you.  We have  not met at this level for four years.  We cannot miss this 
opportunity to exchange new ideas.  My summary on Wednesday can only contain a shared vision and 
the messages which we want to convey as a result of  our deliberations.  The content and the force of 
these messages, which the world is awaiting from the WTO, depend on us alone.  
 With these few words, I declare open the Seventh Session of the WTO Ministerial 
Conference. 
 
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