Geneva: Coming to the rescue of developing countries, WTO (World Trade Organisation) Director General Suppachai Panitchpakdi has said the opening up of markets and correcting structural economic weaknesses was crucial for raising long-term growth prospects and renewed economic prosperity.

"A boost to economic confidence is urgently needed--a sign that developed and developing country governments alike are committed to opening their markets to competition and setting about correcting structural economic weaknesses that will raise long-term prospects and create the conditions for renewed economic prosperity," Panitchpakdi said at the General Council Meeting on Coherence.

He said increased market access and a strong, rule-based trading system also has a key role to play in enhancing financial stability and generating sustainable solutions to problems of foreign debt.

Stating that the Doha Development agenda had set ambitious objectives to increase market access and strengthen rules-based trading system, he said trade growth was the key for economic growth and poverty reduction and governments need to demonstrate a renewed commitment to multilateral solidarity.

"The Doha Development Agenda is politically important. At this difficult juncture governments need to demonstrate a renewed commitment to multilateral solidarity and cooperation," he said at the meeting on May 13.

The International Monetary Fund chief Horst Kohler and World Bank chief Jim Wolfenson were also present at the meeting.

PTI