Without the multilateral trading system, the world would not be as prosperous as it is today, nor as peaceful. Each country has to compete for its share of the benefits through its own hard work, efficiency and competitiveness.
Competition is tough, but every country can find some areas where they can do well.
Over the past decade, their share of world trade has increased from 20 per cent to 25 per cent, while their share of trade in manufactured goods has doubled from 10 per cent to 20 per cent. It is not yet securely entrenched. For all its success, the multilateral trading system faces great challenges ahead. The on-going Asian financial crisis is its first major test. This crisis wiped out large amounts of public and private wealth in the affected countries.