Doha deal possible after US, India polls: Brazil
Doha round of talks to cut trade barriers and subsidies collapsed in Geneva, frustrating Brazil's hopes for a global deal. WTO talks: In pics | Winners, losers
By Agencies |
BRASILIA: Brazil's President Luiz Inaciol Lula da Silva said on Wednesday that a deal in global trade negotiations was still possible after elections in the United States and India this year and next.
The World Trade Organization's so-called Doha round of talks to cut trade barriers and subsidies collapsed on Tuesday in Geneva, frustrating Brazil's hopes for a global deal.
Lula also said Brazil would now pursue stalled bilateral trade agreements.
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The most significant WTO meeting in three years aimed to pull off a broad compromise that, in short, would have let poor countries sell more produce to rich countries while giving the US, 27-nation EU and Japan new chances for their manufacturers and service providers in the emerging markets of Brazil, China and India.
This was the trade off that eluded a WTO ministerial meeting in Cancun, Mexico, in 2003, and Hong Kong two years later. Gatherings in Geneva in 2006 and Potsdam, Germany, last year also failed to produce the breakthrough, but pressure was higher this time because of the likelihood that the U.S. and other key trading powers would lose interest amid administration changes over the next couple of years.
WTO chief Pascal Lamy said it was too soon to say where the talks should go from here.
"We will need to let the dust settle a bit," said Lamy, whose own term as director-general ends next year. "WTO members will need to have a sober look at if and how they bring the pieces back together."
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