Tuesday, September 7, 2010

WTO Chief Urges G-20 Leaders To Break Doha Impasse

(Associated Press)

The head of the World Trade Organization (WTO) on Monday called for Group of 20 leaders to make a big push to break the impasse in the WTO trade negotiations known as the Doha Round, expecting the long-stalled global trade talks may be concluded next year.

The Doha Round of trade talks started in the Qatari capital in 2001 to free up world trade by opening up markets and cutting tariffs and subsidies in rich countries.

But the 153-nation talks collapsed in 2008 as countries failed to meet on issues such as agricultural subsidies and industrial tariffs.

“We all know that this will not happen before the end of this year,” WTO Director-General Pascal Lamy said in a press conference Lamy said more efforts are needed to conclude the pending talks on the Doha Round, adding that the upcoming G-20 summit in Seoul may push the trade talks forward.

“Maybe next year, depending on the progress made on substance,” he said. Read more here.