Bangkok is the perfect place to hold the 10th meeting of the United Nations Conference on Trade and Development, which convened Saturday and continues through this week. Thailand has seen firsthand the promises and the perils of globalization. The Asian financial crisis that sparked fears of a global economic collapse began there in 1997. But if participants hope that the UNCTAD meetings can shape the global trade dynamic, they are likely to be disappointed. UNCTAD has only limited influence on global-trade rules. And as the politicians and protesters talk, the process of globalization accelerates. Yet writing UNCTAD off is a mistake. The Bangkok meetings can help bridge the gaps that have halted international trade talks and create the common ground that is needed if they are to resume.

Although UNCTAD's Geneva headquarters is only a 10-minute walk from that of the World Trade Organization, the two institutions are worlds apart. The WTO is a rule-setting and dispute-settling body. UNCTAD is designed to provide intellectual and technical assistance to developing countries. While trade, finance and foreign ministers attended the Seattle WTO meeting that ended in failure, most developed nations are sending only mid-level officials, usually development specialists, to Bangkok. Japan is a notable exception: Prime Minister Keizo Obuchi will be present, after attending a summit with members of the Association of Southeast Asian Nations.

It is a shame that leaders from developed economies will not hear for themselves the message that their developing world counterparts will deliver. Instead, the news will highlight the concern that "have-nots" have as a result of globalization. Malaysian Prime Minister Mahathir Mohamad's speech has already set the tone for much of the proceedings, and he is no fan of the existing international economic order.