From an institutional standpoint, of course, the most important accomplishment of the Uruguay Round was the creation of the World Trade Organization. The WTO provides a permanent forum for resolving disputes and for further expanding the scope of multilateral trade rules. The first WTO Ministerial Meeting will be held this December in Singapore. It will need to make progress in completing the work of the Uruguay Round, in particular the unfinished agreements on basic telecommunications and financial services. It will also need to look ahead to new issues like environmental and core labor standards and transparency in government procurement.
Regional initiatives can also provide an important impetus for international economic integration.
A smaller number of countries may be able to reach agreement on liberalization measures that go beyond what could be achieved at a global level. Their experience may also provide valuable lessons for rules or approaches that could be adopted more generally and serve as a catalyst for multilateral liberalization. The United States is building new economic relationships through regional efforts in Asia, in the Americas, and in Europe. Our participation in the Asia Pacific Economic Cooperation forum, or APEC, reflects the great importance the United States attaches to economic engagement in that dynamic region. First established in 1989 as a loose consultative organization, APEC reached a turning point in 1993 when President Clinton brought the 18 APEC leaders together for the first time in Seattle.