d achieve prosperity," the declaration said. "Likewise, we urge that the forthcoming ministerial meeting of WTO launch the next round of global negotiations on trade to be one with a pronounced developmental dimension, with the aim of achieving better market access in agriculture, industrial products and services in a way that provides benefits to all members, particularly developing countries." Mr. Howard, who has announced a series of Australian aid packages for Commonwealth countries, has argued trade restrictions need to be lifted in the more globalizes world economy. Globalization was a fact of life and could not be avoided, he said. "It's a question of understanding it and it's a question of every community in its own way making certain that its citizens understand and that where we can even out the bumps and we soften the blow whilst continuing to go forward," he said. The challenge of globalization is the theme of this year's CHOGM, which is also considering ways to strengthen democracy in the Commonwealth and what follow-up action to take against suspended member Pakistan after last month's military coup. Briefing: Maybe It Is Free Trade: It Certainly Doesn't Cost The Government Very Much The General Agreement on Tariffs and Trade (GATT), along with the Bretton Woods monetary agreement and the International Monetary Fund (IMF), were the cornerstones of international economic policy created at the end of World War II. All three institutions were designed to promote free trade, economic stability, and an end to the economic policies that led to the Great Depression and contributed to the coming of war. The World Trade Organization (WTO) is, in effect, the supervising body for GATT, which is not one law, but a complex body of laws and regulations that have accumulated over a period of more than 50 years and covering a great many aspects of world trade and what signatories are and are not allowed to regulate for themselves. The bas...
