Opinion | Editorials
WTO proposal is win-win for all
Feuding trade blocs should sink their differences and take Doha Round forward.
- Gulf News
- Published: 00:03 July 23, 2008
To win some, one has to lose some. And when everyone gives up certain interests to attain a larger objective, it creates a win-win situation for everyone. This is particularly true in the current context of globalisation where economies are merging with an integrating global economy. For the past two days, in Geneva, members of the World Trade Organisation (WTO) have locked their horns on the key issues - reducing farm subsidies in the US and Europe, and opening up economies in the developing countries.
WTO members have been debating on the Doha Round - the stalled global trade pact - that if implemented, will allow greater goods flow among the countries. However, certain national and group interests are coming in the way to derail these leaders from the right track. It's high time the feuding trade blocs - the developed and the developing world -realise this and agree to the latest proposals put forward by the WTO.
As the developed and developing countries are becoming more interdependent on trade, their leaders should offer greater flexibility and must reach an agreement to take Doha Round to the logical conclusion before it is too late. The world cannot waste any more time.
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