Direct investment, under conditions which take into account local values, is critical to development and complements trade. Many countries are now recognizing that the way to attract foreign direct investment is to demonstrate to the world that their trade regimes are stable and credible. This can be done, and is being done, in the WTO system by locking in reforms through multilateral commitments. Good governance is not just something that Finance Ministries talk about with the World Bank - it is, and has always been a fundamental element of the WTO system of rights and obligations. Our mission is to enhance the independence of the sovereign state through agreements reached by the consensus of our Member governments, agreed by their parliamentary process.
Interdependence can become a guarantor of independence.
We can offer the gift of opportunity, but that opportunity can be squandered. We have learned this lesson in New Zealand to our cost and I am encouraged by statements from leaders about good governance and the need for coherence among the WTO and other international institutions. A good step forward would be an agreement on transparency in government purchasing. Five years on, we should be open and transparent enough to say what we did right at Marrakesh and what we did wrong, as well as the unfinished business. Anything can be improved and must be.