Commonwealth Declarations

• the world economy should be geared towards promoting universal growth and prosperity for all;

• there must be effective participation by all countries in economic decision-making in key international fora;

• the removal of obstacles that prevent developing countries playing their full part in shaping the evolution of the global economy; and

• international regimes affecting economic relations among nations should provide symmetrical benefits for all.

3. We also believe that commitment to market principles, openness to international trade and investment, the development of human and physical resources, gender equality, and good governance and political stability remain major components of economic and social progress; and that wealth creation requires partnerships between governments and the private sector. The Commonwealth, with its shared traditions and global reach, is uniquely placed to play a key role in promoting shared prosperity amongst its members.

Trade

4. We welcome the progress made in recent years in dismantling trade barriers and establishing a rule-based international trading system. However, significant barriers to trade in goods and services remain, and the benefits of the expansion of world trade are still unevenly shared. We have therefore resolved to:

• support expansion of duty-free market access with flexible rules of origin for the exports of the Least Developed Countries; work for a successor arrangement to the Lomé Convention which, without prejudice to the outcome, gives the ACP countries, particularly small states, adequate transitional arrangements; and in particular, encourage the EU and WTO members to accommodate the legitimate interests of the ACP banana producers and facilitate the diversification of their economies;

• strengthen the multilateral trading system within the framework of the WTO, in order to prevent regional arrangements from becoming exclusive trading blocs and provide for the greatest flow of international trade on the basis of agreed rules which are fair and equitable; and support the full implementation of the Uruguay Round Agreements;
  oppose the introduction of new non-tariff barriers and the use of unilateral actions and bilateral pressures which run counter to the spirit of the WTO;

• maintain the momentum towards freer trade through multilateral negotiations, as outlined in the built-in agenda and other issues under discussion in the WTO, including progress on agriculture and financial and other services, taking into account the interests of all countries at different stages of development; and

• continue to support regional arrangements, consistent with multilateral liberalisation under the WTO, which promote the economic growth of their members.

• establish a Trade and Investment Access Facility under the Commonwealth umbrella to assist developing countries with the process of adjusting to, and taking advantage of, the opportunities of globalisation. The new Facility will provide technical assistance to help countries identify and manage the potential economic and social impacts of trade in goods and services and investment liberalisation; identify new sources of revenue and market opportunities; and help countries fulfil WTO requirements. The Facility will be co-ordinated with the proposed WTO/UNCTAD/ITC integrated framework for trade-related technical assistance;

• explore the scope for deepening trade relationships among Commonwealth members, and therefore request the Secretariat to report to us, before the 1999 CHOGM, on the scope and possible systems and mechanisms for improving trade among members of the Commonwealth, in ways which are consistent with the provisions of the WTO and regional trading arrangements;

• launch a Commonwealth action programme to remove administrative obstacles to trade by simplifying and harmonising customs procedures, disseminating information, and eliminating bureaucratic and technical hurdles;

• examine the growing importance of 'electronic commerce' in trade and the developmental implications of the use of cyberspace for commercial and financial transactions; and

• promote Commonwealth Export Training Centres for management training in exporting and other trade-related skills.

• encourage investment flows by establishing an open and transparent investment regimes for business activity, and by simplifying bureaucratic procedures and regulations;

• encourage capital exporting countries, where it is prudent, to consider relaxing restrictions on institutional investors to enable them to take advantage of portfolio diversification opportunities in emerging and new markets;

• support the development of regional and multilateral arrangements and infrastructure that take into account the realities of developing countries, and that can help to facilitate private capital flows;

• study the lessons to be learned from recent developments in currency markets and in particular on how countries can be protected from the destabilising effects of market volatility, including those resulting from speculative activities, and how the effectiveness of existing early warning systems can be improved; and

• support strengthening of global and regional mechanisms to help countries handle capital market volatility.

• endorse the recommendations of the Commonwealth working group on the role of national and international policies in promoting private capital flows, and call for the rapid finalisation of a Commonwealth Code of Good Practice for national policies that attract and sustain private capital flows;

• welcome the launch of the Africa Fund, the Kula Fund for the Pacific, and the South Asia Regional Fund under the aegis of the Commonwealth Private Investment Initiative (CPII); and call for the extension of CPII to embrace additional regions and sectors;

• launch a Commonwealth investment promotion programme which will: help establish enabling environments for attracting private investment flows; encourage the creation of new mechanisms for risk insurance and guarantees; provide assistance for strengthening supervisory and regulatory frameworks; and improve the flow of information on investment opportunities; and

• encourage 'smart partnerships' involving the private and public sectors.

• work to halve the proportion of people living in extreme poverty by the year 2015;

• seek to reverse the decline in Official Development Assistance (ODA) flows, recognising the role of ODA as an essential instrument of partnership for development and poverty reduction in developing countries, particularly the Least Developed Countries and small states, and for helping to create the conditions for increased trade and investment, including skills and infrastructure development;

• work towards a comprehensive solution of the debt problem, and pursue vigorously the rapid implementation of the Highly Indebted Poor Countries (HIPC) Initiative, in line with the Mauritius Mandate, which has the aim of enabling HIPC countries to have embarked by the year 2000 on securing a sustainable exit from their debt burden; as well as consider extending such relief to other developing countries, including small states, in similar circumstances; and

• promote the role of micro-credit schemes in reducing poverty through increased assistance from the international community.

• endorse the Programme for the Further Implementation of Agenda 21 as agreed by this year's UN General Assembly Special Session, particularly in respect of freshwater, forest resources and the transfer of environmentally sound technologies to developing countries. We recognise that new and additional resources will be needed to implement the programmes and will use our best endeavours to provide these;

• underline the importance of a successful outcome at Kyoto, with all countries playing their part within the Berlin Mandate, with developed countries pursuing vigorously an outcome that would produce significant reductions in their greenhouse gas emissions through the adoption of a protocol or other legal instrument;

• call on the Kyoto Conference to recognise that, after Kyoto, all countries will need to play their part by pursuing policies that would result in significant reductions of greenhouse gas emissions if we are to solve a global problem that affects us all;

• call for agreement at Kyoto to arrangements to monitor the reduction of emissions regularly;

• initiate action in the international community to strengthen disaster relief response and mechanisms for the provision of urgent and adequate assistance to small states that suffer the effects of natural disasters which are increasing in frequency and magnitude; and

• welcome the contribution of the Iwokrama International Rain Forest Programme in Guyana to the implementation of the Rio agreements on forests, biodiversity and climate change, and agree to use our best endeavours to increase resources to sustain the Programme and catalyse further international funding.