The WTO Ministerial Conference in Singapore is about trade as a vehicle for economic growth -sustainable economic growth. It is about trade liberalization within a rule-based multilateral system. It is about globalization of the world economy and integration of all countries in the multilateral trading system. And it is about WTO's responsiveness to trade-related issues of political importance to its Members. Trade is a powerful engine for economic growth.
History is consistent on the positive role of trade in developing nations' economic welfare.
Hence, we must safeguard and enhance trade. However, trade bears no guarantee for people's welfare, nor for sustainable use of resources or the protection of the environment. In the preamble to the WTO Agreement, sustainable development is the objective against which the contribution of trade must be measured. Our work on the relationship between trade and the environment has underscored the need to clarify the interlinkages between trade and environmental policies and to make those policies mutually supportive. Former GATT negotiation rounds have brought about a 90 per cent reduction of tariffs.