Nobel laureate and former World Bank chief economist Joseph Stiglitz believes that no developing countries should not enter into free trade agreements (FTA) with the US, as those who did have not benefited greatly from them.
In an interview with a Malaysian financial publication, Stiglitz said bilateral agreements have been a “disaster for the developing countries and for the global trading system” with the main beneficiaries being the US and its companies.
He said in US FTAs, developing countries have poor bargaining power and they have much to lose especially in the area of intellectual property and access to knowledge and particularly, generic medicine.
Also at stake is the loss of national sovereignty.
“Countries do not need free trade agreements. People will come and invest in your country if you provide good infrastructure and human resources,” he said.
The article containing the interview may be found here.
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