Accelerated trade concessions and extra flexibility in required adherence to WTO rules are provided in a number of areas. Developing nations around the world are demonstrating an increasing understanding of the benefits of trade liberalization and integration. Whether on their own volition or due to external pressures from such international organizations as the WTO, IMF, World Bank or other multilateral agencies, many developing countries are constantly moving to join conventions which, by definition, commit them to market-oriented trade and investment rules. Even in cases where regional integration and trade liberalization might come at the expense of nonmember countries, it is assumed that a collectively agreed-to pact would leave those countries that are members of the bloc individually and collectively better off than they would be in the absence of the regional pact. The GATT Uruguay Round accord marked the culmination of several years of discussion among more than 150 countries.
Much unfinished business remains to be addressed.
And as an integrated world economy takes on new and complex dimensions, issues such as competition policy, technology, and subsidies will require resolution. But it is in everyone's interest that we not allow this momentum to falter. We know from experience what the market can provide. Those who in the past were denied its benefits under communism and other repressive economic systems know it will work for them. Let's make it work for all of us.