SAVE MONEY ON TRAVEL DEALS

Director-General Pascal Lamay told delegates to a United Nations conference on so-called Less Developed Countries Thursday that Third World nations often don't have the resources to subsidize their export industries and rely on trade to remain afloat.

"Unlike rich countries, LDCs have not been able to provide huge bailout packages to their ailing industries and expand social safety nets to those who lost their jobs", Lamay said. "We have seen a few developed countries spending around $15 billion on their 'cash for clunkers' programs. And yet for LDCs this is out of reach."

Lamay said many developing nations had made significant progress toward modernizing their international trade systems, and could see their work undone if export markets become closed off.

Lamay urged WTO members to continue their methodical march toward a new Doha Round agreement and at the same time continue donating to the agency's Aid For Trade program and the recapitalization of development banks.

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