However, some countries, in particular the least developed, maintain there is much more to be done to support implementation and enhance their participation in the world economy. In the l990s, least developed countries accounted for only 0.4 per cent of world trade. Since the crisis began in Asia, many developing countries have been less able to attract finance and investment than before, and in some cases revenues from export-led development have fallen. Yet trade, not the cause of the emerging markets crisis, could be a significant part of a solution, by providing opportunities to developing countries to attract inward investment and generate export earnings. Analysis suggests that for developing countries to fully participate in and benefit from international trade, a range of supportive strategies may need to be strengthened or created by both developed and developing countries.
International approaches are effective when supported by good domestic public policy.
To benefit from trade liberalization some countries may need to develop further their human resource capacities, promote and practice sound macroeconomic and trade policies and provide an enabling regulatory environment for trade and investment. There may be an important supportive role for the international community in this process. The IMF and the World Bank are both usefully involved in promoting good governance and trade liberalization. Liberalization efforts undertaken at their behest could be taken into consideration in future WTO negotiations as a positive contribution by developing countries. The IFIs might be encouraged to work closer with the WTO to ensure full consistency.