UNITED NATIONS, April 24: UN Secretary General Kofi Annan on Monday urged developed countries to eliminate ‘trade-distorting’ subsidies for agriculture products, particularly on cotton to help the economies of developing countries compete in the world market.
Addressing a meeting of the Economic and Social Council with Bretton Woods institutions and the World Trade Organisation, Mr Annan said developed countries must “adopt bold liberalization measures” that would lead to the successful of the Doha round.
He noted that developing countries needed genuine market access opportunities for their goods and services, adding: “The least developed countries should enjoy duty free and quota free access for theirs.”
“We must deal effectively with the costs that arise from adjustment and erosion of current preferences,” Mr Annan said, adding: “Many countries will need assistance in order to benefit from the current and newly-created opportunities.”
He also welcomed the International Monetary Fund’s decision to allow developing countries some room to participate in the IMF’s decision-making process.
