Australia’s trade minister said on Sunday there have been ”no substantial breakthroughs” at a London meeting of ministers from six of the world’s largest commercial powers, and warned that an enormous amount of work is needed to break a deadlock in global trade talks by next month’s deadline.
Mark Vaile said that while World Trade Organisation (WTO) negotiations ”had intensified over recent weeks, an enormous amount of work remained to be done” to meet the April deadline for the 149 members to reach detailed agreements on how to liberalise their markets.
”Although we made no substantial breakthroughs, the connections between the issues and areas for compromise were clearly identified,” he said.
The so-called Doha round of trade talks, named for the Qatari capital where it was launched by the WTO in 2001, is already two years behind schedule.
The round aims to boost the global economy and lift millions worldwide out of poverty by lowering trade barriers across all sectors — with particular emphasis on developing countries.
Negotiators have been at an impasse for months, with developing countries demanding that rich nations do more to open up their farm markets. Developed countries want equal concessions in the trade of industrial goods and services, but Brazil, India and others say rich nations need to make the first move.
Ministers from the United States, the European Union, Brazil, India, Japan and Australia met over the weekend in London. — Sapa-AP