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`Poor nations should have greater say in world market'

Our Bureau

NEW DELHI, Aug. 10

EVEN as the phenomenon of globalisation has resulted in growing interdependence of markets and production in different countries, there is a need for a further increase in the participation of developing countries in the world market, according to Dr. No rbert Walter, Chief Economist of the Deutsche Bank Group.

Addressing a seminar on `Globalisation, liberalisation and developing countries' here, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Dr. Walter also called upon the developing countries to be ``outspoken'' against those countries who claim to be champions of free trade and at the same time stand in the way of free movement of persons.

He also felt that there is really no case on part of the developed world to place ``limitations'' (quotas based on skill levels) on the number of persons who can relocate for employment.

``Asian countries should grow to a stature and speak their mind. We must work for a reasonable and balanced World Trade Organisation (WTO). I hope the recent positive undertones will result in action and the new President of the US will take the leadersh ip role for beginning the next round of WTO negotiations,'' he said.

Dr. Walter, who is also the Managing Director of Deutsche Bank Research, felt that WTO is not the right place to discuss social standards and environmental protection issues. ``Developing countries should also speak openly to ensure that the developed co untries don't use social standards as a protectionist device,'' he suggested.

The Deutsche Bank Group's Chief Economist lambasted the US for using the forum available at Seattle for election campaigning purposes. Dr. Walter felt that the EU also came up with a overburdened agenda at Seattle. Though EU's agenda for the next round w ere meaningful, the authorities were incapable of conveying the merits of their position to the other members, he said.

Later, answering a query on whether the role of some of the global institutions were weakening if one were to go by the nature of the international financial architecture that is now emerging, Dr. Walter said that the world has been benefiting from these institutions. ``What we need is to ensure that these institutions don't lose their global orientation,'' he said.

Pic.:Dr. Norbert Walter, Chief Economist of the Deutsche Bank Group, addressing a seminar on `Globalisation, liberalisation and developing countries' in the Capital on Thursday.