WTO pact: Najma expresses concern

By Our Special Correspondent

NEW DELHI, JUNE 8. The Deputy Chairperson of the Rajya Sabha, Ms. Najma Heptullah, has highlighted the concerns being felt in the developing countries about the future of their economies due to global commitments arising out of the WTO agreement on liberalising international trade.

Ms. Heptullah, who was speaking in Geneva today in her capacity as President of the Inter-Parliamentary Union (IPU), said in today's world, globalisation and international trade appear to be inter-connected. Their direct impact on the lives of billions of people is of such significance that the issue has been placed squarely on the political agendas of national governments and parliaments. While globalisation can promote faster growth in the world economy, it needs to be modified on the basis of past experience. Care should also be taken to ensure that the new economy does not legitimise the polarisation of wealth through unrestricted market access.

``A few oceans of prosperity would render the new economy unsustainable. There are genuine concerns about the future of the domestic economy vis-a-vis global commitments. We are witnessing situations where domestic industries find it difficult to withstand competition from MNCs. The new trade regime should provide some buffer for domestic industries and enhance the employment potential,'' she observed. This is the first time that legislators have gathered to discuss ways and means to further parliamentary involvement in international trade negotiations. The IPU decided to hold a conference of this kind following debates in national parliaments after the WTO meetings in Seattle, Davos and Prague were marked by protests. The meeting is being organised in association with the WTO.

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