The following is excerpted from a 26 November 2012 speech by DG Pascal Lamy of the World Trade Organization.
Director-General Pascal Lamy, in presenting the Richard Snape Lecture on 26 November in Melbourne, Australia, said that: “The rising weight of influence of emerging economies has shifted the balance of power. This clearly implies a number of transitions to which we have not yet adjusted as classic Westphalia concepts of sovereignty are being challenged by the realities of interdependence. Some may consider this a problem, it is perhaps better to think of it as an opportunity to look at the real shaping factors of trade.”
This speech is available in its entirety at:
http://www.wto.org/english/news_e/sppl_e/sppl258_e.htm