Since Seattle, WTO member governments have been reflecting on how to move forward on key international trade issues. As President Clinton emphasized at Davos , open markets and rules-based trade are the best engine we know to raise living standards, reduce environmental destruction, and build shared prosperity. The world trading system is essential to world economic growth, to sustainable development, and to a stable peace. We remain optimistic that WTO Member countries can narrow the differences from Seattle and achieve consensus for a new Round. We hope that all WTO members can build on this agreement to improve cooperation on a range of issues.
Trade is especially important for developing nations.
From the 1970s to early 1990s, developing countries that chose growth through trade grew at least twice as fast as those with closed economies. The most open countries had growth that was six times as fast. The United States is committed to ensuring that least developed nations benefit from the next Round. We are working with other developed countries to reach agreement on a common comprehensive market-opening package for least developed countries. We are also working to increase the amount and effectiveness of technical assistance and capacity building for poorer countries.