September 14, 2005
js-2719

Statement of Secretary John W. Snow on Trade Liberalization

The President today called for a successful conclusion to the Doha trade talks and challenged nations to join the U.S. in eliminating all tariffs, subsidies and other barriers to the free flow of goods and services as others do the same.  This challenge calls upon all nations to take strong actions that will benefit the global economy, most of all developing countries, by bringing critical opportunities for growth and job creation to economies around the world.

Trade in services in particular can greatly benefit developing countries, providing knowledge and infrastructure to facilitate economic growth and create jobs. In fact, services liberalization enhances and multiplies the gains made from liberalizing trade in goods and agriculture. The benefits of a modern services sector spread across an entire economy, touching every producer, transaction and consumer.

This is especially true in the case of financial services. The financial sector is the backbone of a modern economy. An efficient, well-regulated financial sector is a key element for achieving economic growth and stability in developing countries. While there are many ways to strengthen financial sectors, the fastest way to boost competition and efficiency is to introduce the best practices of world-class financial institutions.

-30-