Trade governance is but one aspect of global governance and the WTO is but one of the global actors. I do not share this view - constitutionalising the WTO is not the way. WTO is designed to manage trade and trade agreements. The system is a reflection of what it is set to administer. It is not the right response to all global concerns.
Globalisation requires improved governance also in a range of other policy areas.
Parallel efforts are therefore needed to reinforce the other pillars of global governance. For a balanced, legitimate and effective system of governance we must look to all parts of the international system and address the weaknesses and inadequacies where they are. That brings me to our strategy for a new Round of multilateral trade negotiations, which I see as an absolutely essential tool for the international community both in helping to shape the future and to adapt to the changes that are already taking place. The current global economic climate calls for liberalisation of trade and investment. We know all too well that such circumstances are prone to bring inward looking policies and calls for protectionism for fear of losing acquired wealth.