This year's global economic outlook is marred by economic uncertainty that is already affecting developing countries. At a time when we had hoped to be focusing on boosting ODA flows and achieving long-term objectives such as the Millennium Development Goals, we are instead confronted with unexpected policymaking challenges, from turbulence in financial markets to growing inflation risks and soaring food and energy prices on world markets.
In this environment, securing a global trade deal that creates a stronger, more open and fairer multilateral trading system will be a major confidence-building step forward.

Yesterday at the IMFC, I spoke about the contribution that a successful conclusion to the Doha Round could make to strengthen the real sector of the world economy and better insulate it from financial shocks.
Today I would like to focus on the importance of the Doha Round to rebalance the world trading system in favor of developing countries.
The first one is the role of this Round in creating increased market access for developing countries, both in their traditional markets in the North and also in South-South trade, for exports on which they still face unacceptably high barriers. This market access will provide them with fairer opportunities to compete on world markets and it can help them break away from too much dependence on primary commodities and diversify into higher value-added lines of production and trade.

The agricultural negotiations have a special resonance in the current situation of rising prices for many food staples and widening fears about food security in parts of the developing world. Agreeing to cut trade-distorting agricultural subsidies in a very substantial way and import tariffs on agricultural products can contribute to better connecting offer and demand, to stabilizing prices in the medium-run and to create incentives for boosting farm production in many developing countries.

Last year I told you about the risks of a failure in the Doha Round. A sort of half empty glass. This year I am convinced that we have it within our means, politically and technically, to finish the Doha Round this year. To do so, the first step we need is for WTO Member governments to agree at Ministerial level, by the end of May, on the framework for cutting agricultural tariffs, agricultural subsidies and industrial tariffs.

The next few weeks will be crucial at the WTO. I invite the membership of the World Bank to help us to push for the conclusion of the Doha Round now.
A final word on the Aid for Trade programme which, as you know, we have been moving forward successfully with strong support from the World Bank and other development agencies. This year we need to focus our Aid for Trade work to on concrete projects and concrete pledges of financial support for their implementation.
The benefits from stronger trading rules and improved market access from the Doha Round will be increased manifold if we can succeed in taking steps to reduce the supply-side constraints that so many developing and least-developed countries face.

I count on your support on this over the next months.