WTO free trade talks leap ahead toward deal
The world's seven major trading powers took a step forward toward striking an outline agreement in the Doha Round of global free trade talks, bringing back their ongoing meeting at the WTO from the brink of collapse.
By Agencies |
GENEVA: The world's seven major trading powers took a step forward toward striking an outline agreement in the Doha Round of global free trade talks, bringing back their ongoing meeting at the World Trade Organization from the brink of collapse, delegates said.
"A big progress, I believe," Foreign Minister Celso Amorim of Brazil, one of the seven, told reporters yesterday at the WTO after five days of tough negotiations, although he added many challenging issues still needed to be tackled.
Amorim said the chance of reaching a deal on so-called modalities, key figures for cuts in tariffs and farm subsidies, has increased to 65 per cent from fifty-fifty before the ministerial meeting began Monday.
More than 30 ministers, including those from the seven major trading partners, are likely to continue until early next week. There will be a "signaling meeting" on the service sector today afternoon, which was initially scheduled Thursday, they said.
To salvage the floundering talks, trade and farm ministers from seven key trading heavyweights -- Australia, Brazil, China, the European Union, India, Japan and the United States -- held their exclusive meeting again yesterday afternoon.
The small-group meeting generated "very encouraging signs of progress" and "interesting ideas," according to W.T.O. chief spokesman Keith Rockwell.
Their discussions proceeded based on a paper containing a set of compromise proposals, mapped out earlier this week by WTO Director General Pascal Lamy, the delegates said.
"A big progress, I believe," Foreign Minister Celso Amorim of Brazil, one of the seven, told reporters yesterday at the WTO after five days of tough negotiations, although he added many challenging issues still needed to be tackled.
Amorim said the chance of reaching a deal on so-called modalities, key figures for cuts in tariffs and farm subsidies, has increased to 65 per cent from fifty-fifty before the ministerial meeting began Monday.
More than 30 ministers, including those from the seven major trading partners, are likely to continue until early next week. There will be a "signaling meeting" on the service sector today afternoon, which was initially scheduled Thursday, they said.
To salvage the floundering talks, trade and farm ministers from seven key trading heavyweights -- Australia, Brazil, China, the European Union, India, Japan and the United States -- held their exclusive meeting again yesterday afternoon.
The small-group meeting generated "very encouraging signs of progress" and "interesting ideas," according to W.T.O. chief spokesman Keith Rockwell.
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Their discussions proceeded based on a paper containing a set of compromise proposals, mapped out earlier this week by WTO Director General Pascal Lamy, the delegates said.
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