Two figures should suffice to highlight the achievement of the Uruguay Round and clear up the growing fog of propaganda that has invaded the public debate on the eve of Seattle. Global income grew by close to Dollars 100bn as a result of liberalisation in merchandise trade. This means the Uruguay Round will have resulted in the equivalent of adding a Switzerland or a Korea to the world economy by 2005. As a result, Mike Moore, director-general of the WTO, has a solid base on which to build. His agenda for Seattle will make or break the millennium round.
Further liberalisation is needed to spur growth in post-industrial societies.
Stronger commitments are required from all WT0 members on market access and national treatment. In retrospect, it was a mistake to pursue a Multilateral Agreement on Investment in the purely northern forum of the Organisation for Economic Co-operation and Development. But with international investment flows growing even faster than trade, some sort of new worldwide agreement on investment is needed. The goal should be to secure a stable and predictable climate for investment worldwide. Leaders in Seattle should stress that investment is the most potent vector for development worldwide, particularly in the world's poorest countries.