Economic rights and social responsibilities are two sides of the same coin. This is why, earlier this year, I proposed a Global Compact between business and the United Nations, under which we will help the private sector to act in accordance with internationally accepted principles in the areas of human rights, labour standards and the environment. The response so far has been encouraging, and I believe we can achieve a great deal by working together more closely. Unless we convince developing countries that globalization really does benefit them, the backlash against it will become irresistible. That would be a tragedy for the developing world, and indeed for the world as a whole.
Trade is better than aid.
For millions and millions of poor people this could make the difference between their present misery and a decent life. And yet the cost for the rich countries would be minuscule. In fact, industrialized countries might even be doing themselves a favour. It has been calculated that some of them are currently spending as much as 6 and 7 per cent of its gross domestic product on various kinds of trade protection measures. This time, tariffs and other restrictions on developing countries' exports must be substantially reduced.