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| Multilateral trade paves the way for SMEs worldwide ( 01/12/2005 ) | |||||||||
That is the view of Hong Kong business leader Dr Victor K. Fung, group chairman of Li& Fung, a leading international trading, distribution and retailing group based in Hong Kong. At a recent UNESCAP conference in Macau, Dr Fung urged ministers to strengthen the WTO's multilateral approach to trade regulation when they meet in Hong Kong from December 13 -18. He said this was the only way to ensure the health of the global production system and promote global prosperity. Wide ranging benefits Dr Fung, who is also chairman of the Airport Authority Hong Kong, said the benefits of the modern global production system stem from several factors: * it disperses production across different factories in different countries "The modern global production system lowers the barriers for entry for developing countries, especially for small and medium-sized enterprises (SMEs) worldwide. This has obvious implications for employment and economic development", Dr Fung said. "It is the multilateral system that enables each location around the world to contribute according to its skills and capabilities, and to develop its own competitive advantages." World trade's 'best hope' He voiced concern that proliferating bilateral agreements would undermine the multilateral approach. He added that a multilateral world trade system was the best hope of addressing the trade liberalisation issues on the Doha agenda (named after the city in Qatar where the current round of WTO talks started in 2001). "With respect to market access and tariffs, multilateral solutions will help us optimise the efficiency of the complex cross-border flows generated by dispersed manufacturing. "Multilateralism democratises the global economy. There is indeed a place for everyone." | |||||||||
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