Finance Minister Paula Cox leaves tonight for Geneva to explore the possibility of Bermuda joining the World Trade Organisation, which she cited as one possible way of helping to protect the Island's economic interests.

At a Press conference yesterday, Ms Cox said the visit to Switzerland was being made because it was felt that the Island needed to explore different means of safeguarding the Island's economic stature.

She pointed out that there had been efforts in several US states ? including the drive from California treasurer Phil Angelides to bar a state pension fund from investing in the stock of Bermuda-based firms as well as trying to get a ban on contracts being given to companies that move their place of incorporation overseas ? had tried to put in place legislation that would "act to the detriment" of investments in Bermuda companies.

She said that although Bermuda saw little point in a heavy lobbying campaign with American legislators in the run up to the November election, Government was always exploring ways to safeguard the Island's hard earned reputation as a leading financial services jurisdiction.

"Bermuda must be ever vigilant in defending its national economic interests. In recent years, there have been instances of unfair and discriminatory trade practices that posed some risks to Bermuda's international business sector. The Ministry of Finance has had preliminary discussions with representatives of international business who have confirmed the potential threat to Bermuda's economy.

"As part of the response to these kinds of threats, Government considers that there is merit in joining one or more organisations to have access to a forum where unfair and discriminatory trade practices aimed at Bermuda can be challenged and resolved."

Ms Cox, who is being joined on the Swiss trip by Financial Secretary Donald Scott and Principal Economic Policy Consultant Dr. Andrew Brimmer, said it was felt that joining the World Trade Organisation (WTO) might be a way to achieve this objective.

"The WTO has a very well-defined and effective dispute resolution process," she said.

During the visit, Ms Cox will meet with WTO officials ? including the Deputy Director-General ? and Ambassadors from Barbados and Trinidad.

Ms Cox returns to the Island at the week-end, and said a full report would be made on the trip ? which was characterised as an information-gathering exercise ? when the House of Assembly reconvenes later this year.