Bangkok, Oct 20: Malaysian Prime Minister Mahathir Mohamad called for fair rather than free trade, saying poorer countries have the right to protect their "little businesses" until they can compete with the giants. Taking sweeping broadsides at rich nations and multinational companies, he said: "Fair trade can be free, but free trade can be unfair. That's what we are asking for. Nothing much really. We are ready to be exploited but we must be fairly exploited."

Mahathir made his remarks in a speech to corporate chief executives on the sidelines of the Asia-Pacific Economic Cooperation summit. It is his last major international appearance before he retires end of this month after 22 years at the helm. Mahathir, an avowed champion of the developing world, said the poorer countries could not agree to the agenda at the failed world trade organizations talks in Cancun, Mexico, last month because "it was not our agenda”.

Mahathir said multinational companies, although offering higher wages, can afford to pull out of a country in the event of cataclysmic losses. But "our companies and corporations cannot afford to lose because they operate only in our country. If they lose they cannot go anywhere," he said.

Bureau Report