Trading powers hit snag amid hard push for WTO trade pact
The situation of key free trade talks at the World Trade Organization became "very tense" early today after major trading powers hit another snag amid mounting tensions between the United States and two major fast-growing economies.
GENEVA-KYODO: The situation of key free trade talks at the World Trade Organization became "very tense" early today after major trading powers hit another snag amid mounting tensions between the United States and two major fast-growing economies, China and India, over agricultural safeguard issues.
The WTO had hoped to release the final texts for negotiations on agricultural and industrial products - the main sticking points in the Doha Round process - by the end of yesterday to pave the way for a long-sought outline deal.
But that hope has been dashed as a key ministerial meeting entered its second week in Geneva.
The WTO was initially scheduled to circulate the texts after final adjustments through the meetings of the seven powers - Australia, Brazil, China, the European Union, India, Japan and the United States - and a wider framework of more than 30 economies.
The meeting of the seven parties, after running on and off for about 13 hours, was suspended early today.
"We are trying to find some common ground and so far we have not found this common ground," Indian Commerce and Industry Minister Kamal Nath told reporters.
Delegates said the seven parties will resume their talks later today. Peter Mandelson, E.U. trade chief, said ministers and senior officials of the seven will continue to primarily work on "very complex and sensitive issues of this SSM," referring to the so-called safety safeguard mechanism, which would allow developing countries to raise tariffs on agricultural produce in the event of an import surge.
"The situation is very tense," Keith Rockwell, the WTO's. chief spokesman, told reporters. "The outcome is by no means certain."
The WTO had hoped to release the final texts for negotiations on agricultural and industrial products - the main sticking points in the Doha Round process - by the end of yesterday to pave the way for a long-sought outline deal.
But that hope has been dashed as a key ministerial meeting entered its second week in Geneva.
The WTO was initially scheduled to circulate the texts after final adjustments through the meetings of the seven powers - Australia, Brazil, China, the European Union, India, Japan and the United States - and a wider framework of more than 30 economies.
The meeting of the seven parties, after running on and off for about 13 hours, was suspended early today.
"We are trying to find some common ground and so far we have not found this common ground," Indian Commerce and Industry Minister Kamal Nath told reporters.
Delegates said the seven parties will resume their talks later today. Peter Mandelson, E.U. trade chief, said ministers and senior officials of the seven will continue to primarily work on "very complex and sensitive issues of this SSM," referring to the so-called safety safeguard mechanism, which would allow developing countries to raise tariffs on agricultural produce in the event of an import surge.
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"The situation is very tense," Keith Rockwell, the WTO's. chief spokesman, told reporters. "The outcome is by no means certain."
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