'Devoloped world not giving economic space to developing ones'
Attacking the developed countries, Commonwealth Secretary General Don McKinnon today said they were not giving enough economic space to developing nations.
Strongly favouring a free global trading system, the head of 53-nation grouping of former British colonies said the organisation would take up the matter with the International Monetary Fund (IMF).
Poverty is one of the main problems facing the 21st century and free and fair international trade was the only way to fight the scourge, McKinnon said here.
"Developed countries are not giving enough economic space to the the underdeveloped countries. In the Uruguay round of WTO negotiations, the developing countries did not get any benefits," he said giving a lecture on '21st Century Challenges'.
"Like the racial apartheid which existed in Africa, we now have the trade apartheid, which discriminates against underdeveloped countries," he said.
"The ACP (Africa-Carribbean-Pacific) countries need to negotiate better trade agreements and we are working towards that," he added.
Stressing on the importance of the democracy in today's world, McKinnon said, though nations across the world, including the Commonwealth countries have faced problems in this regard the progress so far has been substantial.
"A good example is that of Africa. Despite multi-pronged problems, democracy has managed to make inroads into the continent," he said.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.