16 Jul 2004

Fiji economic symposium warned against WTO policies

10:15 am on 16 July 2004

An economic symposium convened by the Reserve Bank of Fiji has been told that global economic policies are threatening Pacific Island countries.

Radio Fiji quotes the chairman of the Capital Markets Development Authority, Daryl Tarte, as saying rules and regulations set by the World Trade Organisation are not conducive to the development of Fiji's economy.

Mr Tarte says the WTO was designed for developed countries and not developing countries like those in the Pacific.

He says WTO rules are threatening Fiji's sugar and garment industries.

Mr Tarte says most Pacific Island countries will face economic collapse if WTO rules are allowed to govern their economic life.

The chairman of the Fiji Sugar Commission, Gerald Barrack, says the majority of members in the WTO are developing countries who should unite and vote for a change in its rules so there is a level playing field.