Rebuilding confidence in
the multilateral trading system:
Closing the “legitimacy gap”
Secretary-General, UNCTAD
Rubens Ricupero
I am a firm believer in the multilateral trading system. It is the most effective way of defending the interests of the weaker members of the trading community. However, this does not mean that we should passively accept the system as it is, in terms of the decision-making process and particularly in terms of the imbalances and asymmetries that have accumulated over the years As stated in the Bangkok Plan of Action negotiated by the member states of the United Nations Conference on Trade and Development (UNCTAD), what is needed is a “commitment to a multilateral trading system that is fair, equitable and rules-based and that operates in a non-discriminatory and transparent manner and in a way that provides benefits for all countries, especially developing countries.” 1
Recent events, particularly those related to the third Ministerial Conference of the World Trade Organization (WTO) at Seattle and the uncertainties concerning its follow-up, pose serious challenges to the international community. One of the challenges is that the legitimacy of the multilateral trading system in which we all believe is being increasingly questioned. There is therefore an urgent need to
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