Let me now turn to more general issues. On this occasion, therefore, it is better for all of us to get to grips with what we all mean by this word. However, in practice, this free trade has been acting mainly in favour of those who seek abundant resources, markets and profits. Protection of one's labour force against healthy competition is the basic driving force is the cause for creation of such barriers. For example, commodity prices stand artificially lowered through substantial subsidies in the developed countries.
Free competition is still a somewhat one way street.
Freedom for market forces to operate at their own quixotic will and pace, driven by short-term gains, have proven already disastrous as exemplified in this region just two years ago. There is a paramount need to establish and enforce a policy-based set of parameters within which the market forces will operate. Much needs to be done to encourage and enable developing countries to reach their full potential and to use their comparative advantages in low-cost productivity factors. Attaching unreasonable and stringent conditionalities to use of such factors and to achieve standards which took centuries to be reached elsewhere, thwarts and negates the under-lying principle of groArth and free trade. Globalization cannot be discussed in the abstract only in regard to economic liberalization.