INTERNATIONAL ECONOMIC SITUATION
12.
THE MINISTERS RECOGNISED THAT CONTINUED GROWTH IN
INDUSTRIALIZED COUNTRIES AND LOW INFLATION SHOULD, OVERALL, OFFER BRITHTER PROSPECTS FOR THE WORLD ECONOMY. NONETHELESS, THEY EXPRESSED CONCERN THAT CONTINUING UNCERTAINTIES IN THE WORLD ECONOMIC SITUATION HAVE AN IMPACT ON THE PROSPECTS FOR GROWTH IN DEVELOPING COUNTRIES, WHICH REMAINS CONSTRAINED BY FACTORS SUCH AS DALANCE OF PAYMENTS PROBLEMS, FALLING COMMODITY PRICES, THE BURDEN OF DEBT AND PROTECTIONS IT PRESSURES.
13. THE MINISTERS STRESSED THE MUTUALITY OF INTEREST BETWEEN
DEVELOPED AND DEVELOPING COUNTRIES IN SEEING THAT THE PROBLEMS
FACING DEVELOPING COUNTRIES ARE URGENTLY ADDRESSED. THEY AGREED
TO CONTINUE COLLABORATION BOTH IN THE APPROPRIATE
INTERNATIONAL FORA AND ON A BILATERAL BASIS, TO CONTRIBUTE TOWARDS SUSTAINED INTERNATIONAL ECONOMIC RECOVERY, IN
PARTICULAR IN THE DEVELOPING COUNTRIES. THE MINISTERS ALSO
EXPRESSED THEIR HOPE THAT THE FORHTCOMING UNCTAD-VII WILL LEAD TO
A POSITIVE DISCUSSION.
NEW ROUND OF MULTILATEAL TRADE NEGOTIATIONS
14.
THE MINISTERS REAFFIRMED THE IMPORTANCE THEY ATTACH TO
THE LIBERALISATION OF INTERNATIONAL TRADE AND, IN THIS CONNECTION,
WELCOMED THE RECENT DECISION TO LAUVVH A NEW ROUND OF
MULITLATERAL TRADE NEGOTIATIONS, THE URUGUAY ROUND.
THEY ASSOCIATED THEMSELVES WITH THE MINISTERIAL
DECLARATION ON THE URUGUAY ROUND AND EXPRESSED THEIR HOPE THAT
ALL TRADING NATIONS WOULD STRICTLY ABIDE BY THE COMMITMENTS
UNDER TAKEN THEREIN. THE COMMUNITY AND ASEAN AGREED TO CONTINUE TO
WORK CLOSELY TOGETHER THROUGHOUT THE WHOLE NEGOTIATIONS.
THEY WELCOMED IN PARTICULAR THE DECISION CONCERNING
TROPICAL PRODUCTS, WHERE NEGOTIATIONS, WHICH SHOULD RECEIVE SPECIAL ATTENTION, WOULD AIM AT THE FULLEST
LIBERLISATION OF TRADE .
THEY ALSO WELCOMED THE RECOGNITION BY THE CONTRACTING PARTIES OF
THE NEED TO BRING MORE DISCIPLINE AND PREDICTABILITY TO WORLD
AGRICULTURAL TRADE BY CORRECTING AND PREVENTING RESTRICVONS
AND DISTORTIONS INCLUDING THOSE RELATED TO STURCTURAL SUPPLUSES SA
AS TO REDUCE THE UNCERTAINTY, IMBALANCES AND INSTABILITY IN WORLD
AGRICULTURAL MARKETS. THE COMMUNITY AND ASEAN EXPRESSED THEIR
SATISFACTION ON THE CONSENSUS DECISION TO LAUNCH NEGOTIATIONS
ON TRADE IN SERVICES, AS CONTRIBUTING TO THE WIDER PARTICIPATI WIDER PARTICIPATION OF TRADING COUNTRIES IN THE URAGUAY ROUND.
IN THIS CONTEXT, THE MINISTERS REITERATED THE APPLICABILITY OF THE
PRINCIPLE OF SPECIAL AND DIFFERENTIAL TREATMENT FOR DEVELOPING
COUNTRIES TO THE NEGOTIATIONS.
/COMMODITIES
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