Ministers gather for world trade talks
Ministers gathering in Geneva for crucial global trade talks at World Trade Organisation
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Monday, 21, Jul 2008 08:33
Ministers are gathering in Geneva today for crucial global trade talks.
The negotiations at the World Trade Organisation represent the Doha development round of international talks.
And ministers are generally optimistic going into the talks that a breakthrough can be reached which will bring tens of thousands of dollars to developing nations.
EU trade commissioner Peter Mandelson said ahead of the Geneva talks: "The chances of a breakthrough are improving but it's not in the bag. I'm more encouraged than I was a week ago."
Meanwhile, the US said it was "cautiously optimistic" about the talks especially if China helped broker a deal.
"Many of us feel a real sense of momentum," trade representative Susan Schwab said last week.
She added the US had "the intent and hope and expectations that there is a deal to be had".
"I think a deal is eminently doable... it is doable next week."
Ms Schwab also claimed that China had a "particular obligation" to the Doha round of World Trade Organisation negotiations, claiming the country had reaped "hundreds of billions of dollars" since opening its trade system.
Topping the agenda at the talks is expected to be agricultural and manufacturing trade barriers.
Experts claim an international deal on lowering tariffs and subsidies on farm products, manufactured goods and services could create €100 billion (£79 billion) in new trade flows, which would primarily benefit poorer countries.
But Mr Mandelson added further pressure to the talks, claiming an inability to broker a deal would represent a global inability to deal with the challenges facing the world at present, such as climate change, food shortages and energy security.