GENEVA, July 30: The United States is optimistic that a global trade pact can be struck in Hong Kong later this year despite the failure to meet a July target for interim accords, its top trade official said on Friday. Rob Portman, who was in Geneva to take stock of talks at the World Trade Organisation (WTO), said negotiations were progressing despite the lack of deals.
I remain optimistic because I see the will to succeed ... and I see progress, slow but sure, he told journalists after attending a meeting of the WTO’s executive General Council, its final session before the August holiday. WTO states are struggling to bridge divisions on how rich nations should cut their huge agricultural subsidies and open up their farm markets, as well as on reducing barriers to trade across the global economy from industrial goods to services.
The 148-state body hoped to announce a significant advance in the Doha Round of free trade negotiations this month, but Friday’s council meeting had nothing to approve. Portman said the U.S. administration had been encouraged by its success in narrowly winning Congressional approval for its free trade deal with Central America (CAFTA).
I come here with more momentum on the American side, said Portman. He promised new initiatives from the United States in September to try and help break the deadlock, particularly over agriculture. Meanwhile, WTO Director-General designate, Pascal Lamy, who takes over from Supachai Panitchpakdi on Sept. 1, announced the names of his four deputies.
They are trade envoys Alejandro Jara of Chile and Valentine Sendanyoye-Rugwabiza of Rwanda, Harsha Vadhana Singh, advisor to India’s Telecom Regulatory Authority, and former USTR official Rufus Yerxa. —Reuters
