The true test came in late 1997 and 1998 when 40 percent of the world's economies stumbled badly. Rather than a wave of protectionism, discretion ruled the day and allowed for special trade and financial measures to help different sectors and countries. We're not out of the woods yet, but already we are seeing positive signs in the economies of South Korea and Thailand. In his annual State of the Union address to the American people, President Clinton called on the nations of the world to tear down barriers, open markets and expand trade. Nowhere is this more important than in agriculture.
Farmers do some of the hardest, riskiest, most important work there is to be done.
And, around the world today, they are bearing the brunt of the economic difficulties facing many countries. The stock market may be booming, but down on the farm prices are busting and many farmers are in trouble. Their difficulties today should remind all of us how important a robust agricultural sector is to our quality of life. And also remind us that notwithstanding our commitment to the free market, government will and should respond with appropriate assistance to help farmers deal with a highly and increasingly volatile world market place as long as that assistance is not trade-distorting. We cannot ignore the human side of the production of food.