Low Graphics Site
 
 
 
 
 
 
|
|
|
|
September 19, 2006
|
Tuesday
|
Sha'aban 25, 1427
|
Call for resuming stalled WTO talks
By Our Special Correspondent
SINGAPORE, Sept 18: Finance ministers on Monday called for resuming stalled trade talks and pledged to make effort for an ambitious successful outcome by end of this year. "I have never seen a discussion in all the years I’ve been to IMF meetings so determined that we bring the trade talks to a conclusion....We are fired up as a group in wanting both a conclusion to the trade round and a successful outcome," said British Finance Minister Gordon Brown.
He was speaking at a press conference after chairing a meeting of the IMF’s main policy making committee, which is made up of 24 finance ministers.
Amid a range of economic risks such as inflation, economic imbalances and rising oil prices, the British minister saw the collapse of World Trade Organisation (WTO) talks as the most worrying.
He added that the finance ministers, including US Treasury Secretary Henry Paulson, were ‘fired up’ to get a deal in the face of rising protectionist sentiments across the globe.
What may help jump-start the trade talks are pledges of more than $4 billion a year package made by the rich countries to the developing world in trade aid, Brown said.
The fund will help nations build transport infrastructure (roads, ports, etc.,) that allow them to export products at a competitive prices to the rest of the world.
"The Doha round is in jeopardy and the development promise appears to be in danger of being broken. It is important for the developed countries to take the lead in bringing these discussions back on track so that the world — and especially the developing countries — can reap the promised development dividends", said Indian finance minister P Chidambaram.
He is leading Indian delegation and is said to be representing the constituency consisting of Bangladesh, Bhutan, India and Sri Lanka in the meeting of the finance ministers here.
"We believe that the World Bank should continue to play a proactive role, and lend its weight to a pro-development outcome," Chidambaram said in a statement released here.
|
