WTO Doha Round Almost complete 2008
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WTO mediators are putting the final touches on the blueprint for an outline deal in the WTO's long-running Doha round. Trade experts say a deal is needed to counter rising protectionist pressures that threaten prosperity, and would be a shot in the arm for the ailing world economy.
The aim is to rewrite the rules of world trade, last codified in 1994, for the 21st century and remove distortions that developing countries say put them at a disadvantage.
Agreement on agriculture and industrial goods -- the most sensitive chapters -- could open the way for deals in other areas such as services like banking and telecoms as well as trade rules on subsidies and unfairly priced imports.
The deal would see rich countries like the United States, Japan and the European Union's members open up their food markets by reducing protection for their farmers.
In return they will get greater access to developing country markets for industrial goods and services, especially in emerging nations like India, Brazil, China and South Africa.
Over the past 10 months negotiators have edged closer on a range of technical issues, mainly in agriculture, but differences between rich and poor countries remain wide, particularly in industrial goods, and the services talks have not moved for nearly three years.
Among outstanding issues are the size of tariff and subsidy cuts -- a political decision that only ministers can take.
There are still differences on the complex technical question of how countries shield sensitive farm products from tariff cuts, a concern to food exporters rich and poor.
On industrial goods, the US and EU want to ensure that waivers to developing country tariff cuts do not allow them to shield entire sectors such as automobiles or garments from market opening.
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econmod
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Jul 10, 2008, 11:41 AM
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