The outcome of the World Trade Organization's ministerial conference in Cancun, Mexico, in September was extremely regrettable and damaging to multilateral trade liberalization based on rules. However, we should not simply resent past failures. We should turn them into lessons for achieving the goals of Japan's future trade policy.
I would like to emphasize that for Japan and many other countries, the WTO will continue to be the basis of the world trading system. We must never let the WTO, which sets the basic rules for international trade and provides an effective dispute-settlement mechanism for its 148 members, lose its relevance.
For that reason, it is imperative to put the WTO negotiations back on track. Each of its member nations needs to not just insist on what it wants to obtain or defend, but also seek common ground by making concessions where possible.