| Home / International / International -- Opinion | Tools: Save | Print | E-mail | Most Read |
| A Broad View on Trade |
| Adjust font size: |
It is a pity that talks on a global trade deal between key World Trade Organization (WTO) players ended prematurely on Thursday in Potsdam, Germany. The failure of the United States, the EU, Brazil and India to broker an outline deal diminished hopes of WTO officials that an agreement on trade liberalization could be reached before the end of 2007. Theoretically, WTO members still have chance to reach a global free trade agreement despite the collapse of the crucial talks. But to save that chance, the key players must demonstrate greater flexibility out of a comprehensive understanding of the importance of the new trade deal to themselves as well as the world. The Doha Round of trade talks was launched in 2001 with the aim of helping poor countries' economic development through fairer trade conditions. But the talks have progressed slowly and missed several deadlines due to sharp differences among major players on agricultural subsidies, tariffs and industrial market access. Developing countries like India and Brazil have accused the rich countries of failing to move far enough to curb unfair farm support. Meanwhile, developed countries insist that developing countries should further liberalize their markets for industrial goods and services as a trade off. An agreement among the so-called G4 group meeting that could help other WTO members achieve an outline deal before the WTO's August break was essential to ensure the latest round of trade talks concluded in time. Nevertheless, the talks collapsed because of both sides' narrowly-defined interests. As large economies, all these WTO players have already benefited or will benefit significantly from booming global trade. As smart negotiators, both sides are keen to squeeze last-minute concessions. Unfortunately, while focusing on their specific demands, they seem to have missed the overall benefits a new trade deal can bring about for their economies in the long term. The failure of G4 trade talks once again highlighted the urgency to save the Doha Round. To achieve meaningful progress, instead of blaming each other, all trade negotiators should reposition their stances with a compressive view of free and fair trade. (China Daily June 23, 2007) |
| Tools: Save | Print | E-mail | Most Read |
 |
| Related Stories |
 |
 |
|
 |
 |
 |
 |
Links |
 |
