Market opening is a relatively new trend and unfortunately can be reversed. Others will look to Brazil, and Brazil's leadership. The reward for keeping markets open will, I assure you, be worthwhile. Part of that reward may come through cashing in on the promise of electronic commerce, which is directly pertinent to the theme for today's meeting. The U.S. government believes that electronic commerce could potentially generate trillions of dollars in wealth, and in particular could provide entree for lesser developed countries to the international marketplace.
Electronic commerce can be of great value to Brazil.
Its lower transactional costs and global reach will be beneficial as Brazil continues its development. Although the number of Internet users in Latin America is in dispute, no one argues with the fact that about half of those on the Net are Brazilian. Brazil is poised to be the hub of South American electronic commerce, provided it doesn't stifle it through regulation or duties. By its nature the Internet is a decentralized medium and we should respect that. We think a market-driven approach with a minimum of government interference makes sense.