WASHINGTON, Sept 24: The head of the World Trade Organization told world financial leaders on Saturday they had “little time and a lot of work to do” to revive stalled trade talks before a key WTO meeting in Hong Kong in December.

WTO chief Pascal Lamy, in a speech to the International Monetary Fund, said the 148-member trade governing body had to set targets for cutting agriculture subsidies, manufactured goods tariffs and services trade barriers by the time of Hong Kong ministerial talks.

Failure to make progress in Hong Kong would leave the world economy “significantly weaker, perhaps more so than we can envisage today,” he warned.

“By Hong Kong, substantial results must be in sight in each particular area of negotiations,” Lamy said in a speech.

World trade talks are badly stalled and if no breakthrough comes soon, the WTO’s Doha Round risks collapse, diplomats have said in a warning echoed by Lamy in his address to world finance ministers and central bankers in Washington.

“Hong Kong is not just another checkpoint in the negotiations. It is our last and best chance to move this Round to a successful conclusion by the end of 2006,” said the former EU trade commissioner.

Trade diplomats say that without progress in Hong Kong, there would be little chance of successfully completing the Doha negotiations, launched in late 2001 to lower barriers to business and speed economic development in poorer nations.

Lamy said completing the Doha Round would dampen rising protectionism, and help boost global growth, correct imbalances and promote development.

“A breakthrough in the Round, after so many disappointments, would send a much needed message of confidence, that we remain committed to open markets and multilateral rules,” he said.—Reuters