Free media is critical to long-term sustainable human development. The media is one of the primary instruments of public scrutiny in modern society. In countries grappling with poverty and underdevelopment, the media provides the means for disseminating information, monitoring public policies, reporting on private sector development, and conveying the concerns of the citizenry. The presence of a strong, vigilant press is essential for healthy trade. Free media is needed to foster a business climate of transparency and accountability.
Free media helps to ensure that accurate financial information is available to investors.
The recent instability of Asian economies and financial markets is due, in part, to the inability of the media to operate in an environment of transparency and openness. Along with the judiciary, the media plays a special role in acting as a counterweight to corruption. Unchecked, corruption damages the process of democratic development, undermines the rule of law and confidence in public institutions, distorts the equitable distribution of wealth in society, and undermines the transparency and accountability of public institutions. The urgency of addressing the links between international trade and free media has never been greater. In many ways, while Globalization has led to the spread of market economies, the free flow of information has become more elusive than ever.