Commerce and Information Minister M Shamsul Islam said Wednesday that the establishment, of the World Trade Organisation had opened a new vista in the arena of international trade, reports BSS.

The old arbitrary system of international trade has been replaced by a trading regime based on clearly laid down rules, he said.

The minister was addressing the inaugural session of a two-day seminar on Multilateral Trading System in the Post-Uruguay Round Period and its Implications and Strategy for a Least Developed Country such as Bangladesh" organised by the Ministry of Commerce. The seminar held at the Export

Promotion Bureau (EPB) was presided over by Commerce Secretary A H Molazzal Karim.

Anisul Huq Chowdhury, vice-chairman. EPB. and Ghulam Rahman. Joint secretary and project director of (Jruguay Round Study Project. also spoke on the occasion.

The principal objectives of the seminar are: To create an awareness about the Uruguay Round agreements, determine the impact of the Uruguay Round agreements on the economy of Bangladesh, find ways to maximize the benefits of the Uruguay Round agreements and minimize the possible adverse effects of the agreements on Bangladesh.

The minister said, developing countries, as weaker trading partners, have a strong interest in well-defined international trading rules and disciplines to provide them with security and access to markets for their exports and to shield them against bilateral pressure and arbitrary action of the major trading powers.

The new arrangement has not only created new opportunities but also posed new challenges, the minister observed In certain cases the Uruguay Round agreements will limit policy options for developing countries. But at the same time they will also ensure market access on a global scale, he said.