Globalization as a Positive Force

Mr. Chairman, The G-77 is now faced with daunting challenges, particularly in convincing our developed partners to implement the agreed outcomes of major Conferences on development and trade. This is not a new task. What is new is the fact that it is taking place in the context of a rapidly globalizing world where poverty, discontent and marginalization continue to plague the majority of mankind despite globalization’s obvious successes.

Our goal therefore, should be to manage globalization to make it a positive force for development and stability. While we must remain responsible for our destinies, it is essential that we impress upon the international community the need for an international environment conducive to development. This would ultimately be in the interest of all nations and peoples.

North-South Cooperation
 
North-South cooperation therefore remains essential. We need to work hand-in-hand with our development partners in breaking the vicious cycle of debt, poverty and underdevelopment. This goes true in mobilizing resources through increased and proactive trade, investment and ODA; in reforming the international financial system; in bridging the knowledge and technology divide; in conserving our common environment; and in unleashing the productive and creative power of all our peoples. Monterrey and Johannesburg have given us a basis to do so.

Global Trade

The Philippines, is convinced that Liberalized and fair global trade and investment offer tremendous growth opportunities for countries of the South. The outcome of the Doha WTO Ministerial was an important step towards a global trade and investment regime, not only open and free, but also fair and development-friendly. Nevertheless, a long journey remains in redressing the imbalances Doha seeks to address.

We thus see the agreed launching of a new round of trade negotiations with much hope that fairness will be reflected, and that the issues developing countries have been raising will be positively and fully addressed.

Monterrey provided an important opportunity for building a new and truly effective global development cooperation framework. It is our hope that the 57th Session’s consideration of the follow-up to the Monterrey Conference and outcome will be constructive.

We, from the developing countries have long affirmed that each country is primarily responsible for its own national development. But we insist that we can mobilize our respective domestic resources effectively only if the international economic and financial environment is truly supportive of our development efforts. This, we believe, is the underlying spirit of Monterrey.

South-South Cooperation

South-South cooperation is also essential. We agree that an updated South-South platform should emerge from a realistic assessment and consolidation of the Group’s many plans and programs of action. The High Level Conference on South-South Cooperation in 2003 will be an opportunity for our Group to focus on institution building with a view to expanding regional and sub-regional cooperation and strengthening the South’s effectiveness in multilateral processes.
 
Challenges that Bind Us

Hernando de Soto concludes his now popular book, The Mystery of Capital by saying that “I love being from the Third World because it represents such a marvelous challenge –“ I am confident, however, that these challenges will continue to bind our Group together as we face them squarely in the 21st century.

Thank you.