© International Trade Centre, International Trade Forum
- Issue 1/2001
Reactions to the Third WTO Ministerial Conference in Seattle and
the UNCTAD X conference in Bangkok show the growing public interest
in - and backlash against - globalization. Reflecting
globalization's rapid pace, the multilateral trading system has
evolved greatly over the past 50 years. Negotiations that once
interested only a select few are now scrutinized by media,
non-governmental organizations and business lobbyists, in addition
to government officials.
The daunting size and complexity of the WTO Agreements - over
400 pages of legal texts and 22,000 pages of national schedules of
liberalization commitments - have discouraged many businesses from
looking at the basics of the world trading system. Yet
understanding the system is a key to success in today's globalizing
economy, where rules forged in distant capitals have an increasing
impact on cross-border trade and competition in home markets.
This Close Up section provides a business perspective on the
world trading system. What do business executives need to know
about the system, and why does it attract so much interest? What do
they need to know about multilateral negotiations on services, one
of the fastest-moving areas in international business? What
questions do business executives in developing countries ask about
the world trading system, and where can they find the answers?