Business | Economy
Sudden breakthrough brings hope of WTO deal
Troubled global trade talks showed signs of progress yesterday after crunch negotiations among seven key countries, ministers and officials said.
- Reuters
- Published: 23:41 July 25, 2008
Geneva: Troubled global trade talks showed signs of progress yesterday after crunch negotiations among seven key countries, ministers and officials said.
In a sudden turnaround suggesting that a week of deadlock was finally breaking, ministers began to talk of a possible success at the World Trade Organisation (WTO) talks.
"There has been progress made, yes," EU trade chief Peter Mandelson told reporters.
Mandelson said progress had been made in most areas of the talks, which are focusing on moves to open up trade in agriculture and industrial goods. Asked whether a final deal was in reach, Mandelson replied, "It's possible, it's possible."
WTO spokesman Keith Rockwell said new ideas to narrow gaps between rich and poor countries had emerged in five hours of talks among the seven countries and would be passed to a meeting of ministers from 35 countries starting at 1600GMT. "There are some very encouraging signs of progress that have emerged, some very interesting ideas," Rockwell told reporters.
Earlier WTO director-general Pascal Lamy had warned that the talks in the long-running Doha round risked collapsing yesterday if members failed to narrow their differences, following a day of intransigence on Thursday.
"This is the blunt reality ... The situation is critical, edging between success and failure," WTO chief Pascal Lamy told delegates at the talks, according to his spokesman. "Time is running out and the next 24 hours are crucial."
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