Despite public scepticism about the benefits of globalisation, more and better focused liberalisation of trade needs to be introduced by the World Trade Organisation if growth is to be restored to world economy.
A preliminary report by the Institute of European Affairs, previewing the upcoming Seattle round of negotiations, said that getting away from the current short-sighted approach of the WTO was vital for progress.
The report said that articulating a vision for the next twenty years is the only way a real strategy for trade and investment can take shape for its 170 members.
The report said WTO regulations are relevant to some £18 billion in Irish exports with 33 per cent of the Republic's trade with countries outside the EU. Irish exports are expected to rise by 40 per cent over the next ten years from £60 billion to around £100 billion by 2010.
The institute highlighted the importance of international trade to the Republic with 50 per cent of the Irish manufacturing workforce employed by foreign companies who account for 85 per cent of the country's exports.
The preliminary report said that the Government's response to the WTO should reflect the inevitable process of globalisation.
It said that the highest priority should securing as wide a consensus as possible for a set of basic rules that apply to, and are complied with, by all the economies competing in the world market.
The report said Ireland's high dependence on high technology and high value added industries means that it is very much in the national interest to ensure the agreement on Trade Related Aspects of Intellectual Property (TRIPs) is fully implemented.
With almost 60 per cent of Irish net farm income accounted for by direct payments, the institute said that any agreement reached on agriculture should be compatible with the Agenda 2000 CAP reform which favours a slower move towards liberalisation.
The institute's proposals include substantial improvement in market access and business opportunities for developing countries and provision of dutyfree access to essentially all products from these countries.
