Business | Economy
Trade deal possible but time running out - Lamy
A global trade agreement that breaks down trade barriers and fosters development is "doable" but time to ink a deal is running out, World Trade Organisation Director-General Pascal Lamy said yesterday.
- Reuters
- Published: 00:50 October 21, 2007
Washington: A global trade agreement that breaks down trade barriers and fosters development is "doable" but time to ink a deal is running out, World Trade Organisation Director-General Pascal Lamy said yesterday.
In a statement prepared for a meeting of IMF members, Lamy cited "very encouraging progress" toward concluding the WTO's Doha trade round, negotiated for nearly six years.
"My own judgement is that a deal is doable - and not just any deal, but a good deal that will significantly bring down trade barriers and deliver on the core development objectives," Lamy said.
But he added, "this is not just another checkpoint in negotiations. It is probably our last chance to move this round to a successful conclusion."
US and EU officials have warned the Doha round was in danger of failing because advanced developing countries were seeking more opt-outs from proposed manufacturing tariff cuts.
Emerging markets such as Brazil have pushed for deeper cuts in US and European Union agricultural subsidies.
Breakthrough
"A breakthrough now, after so many disappointments and setbacks in the past, will send out a much-needed signal of confidence that governments remain committed to open markets and multilateral rules and that the foundations of the global economy are sound," Lamy said.
He said the scope for a final agreement is flexible enough to ensure gains for all participants.
"No WTO member need fear coming out of this negotiation a loser," Lamy said.
Group of Seven finance chiefs on Friday reiterated their resolve to wrap up the Doha trade talks.
More from Economy
More from Business
Business Editor's choice
-
China breaks West's solar monopoly
Some countries in the world, especially Germany and the United States, have made considerable efforts to invest in developing solar energy cells
-
Burberry store spree will cut profit
Trenchcoat maker forges ahead with investment strategy targeting emerging markets
-
Laws needed to spur region bond markets
UAE Central Bank calls for creation of a centralised Sharia board to facilitate the sale of sukuk
