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WTO trade talks â breaking the logjam
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Bikky Khosla | 08 Sep, 2009
Just as I was wondering how long these WTO talks, which seek to further open up global markets in goods & services, would continue, came a breakthrough of sorts in the negotiating nations' meet held recently in New Delhi. Much has been invested in these negotiations and any breakthrough is always welcome.
If we remember last year in July, the Doha round broke down when a number of member nations could not reach a consensus on issues related to safeguards for poor farmers and sectoral negotiations for tariff elimination in select industrial goods sectors.
The resumption of Doha Round of World Trade Organisation (WTO) talks from September 14 in Geneva has been agreed upon by the Trade Ministers of key WTO-member countries and they have also agreed to fast-track the talks, which is indeed a positive sign considering that the talks have been stalled for years now.
Ministers of more than 30 nations have also rightly agreed to review the progress of the talks after three months and do all that is possible to wrap up things by 2010.
I believe that before the talks resume, India has a lot of homework to do. We will have to find answers beforehand to issues such as the safeguard mechanism for protecting farmers against imports and flexibility on opening up markets in industrial goods.
India has rightly demanded easier mechanism to operationalise special safeguards measure (SSM) and the issue of sectoral negotiations for reducing duties to zero on select industrial goods is of great importance to us. This has to be solely voluntary in contrast to the demand of the US who wants them to be linked to flexibilities in other areas like a lower reduction obligation in average tariffs.
I think it was evident in the recently-concluded informal mini-ministerial meeting that certain key differences remained in defining a clear path to conclude the multilateral trade talks. The good news, however, was that there was a marked urgency and a realisation from all members that such differences needed to be resolved for a future multilateral trading system.
Let's just hope that the talks don't again hit an unexpected roadblock.
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WTO - trade talks - breaking logjam
Vinay Joshi | Fri Sep 11 14:19:53 2009
Dear Mr.Bikky Khosla,
The July08 Trade Ministers meet in Geneva came very near in reaching a breakthrough but that efforts collapsed when US clashed with its fellow G20 members, India and China over the term of 'special safeguard mechanism' to protect farmers from developing countries from surge in farm imports. But it was not to be.
Since them the the world recession & financial crisis has reulted in lower exports,lower growth wordlwide. To some extent India & China are better off, compared to other large economies, with their 6.7% & 9% resp;GDP growth.
In this changed scenario & new US administration outlook PROBABLY Sept 14 talks may, repeat may be resolving contentious issues.
In continuing negotiations there can be convergence but India will not be compromising on some basic issues ^ time line will not dictate the contents of the concerns we have.
Hope the ensuing meet strives for a major breakthrough, irrespective of time frame as WTO meets have been lurching from one crisis to another since the negotiation were initiated in 2001.
Possibly a different package may be wirked out & the 'trigger mechanism' may also be lowered. The present economic scenario & outlook for next couple of years may dictate such WTO negotiations with a clause of revisiting after a particular timeframe.
Regards,
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Re: WTO - trade talks - breaking logjam
Subbarao | Thu Sep 17 05:25:43 2009
Dear Editor, The Trade Ministers meet this year holds significance in the backdrop of the recession which was not a major point in the earlier rounds. Though countries have started recovering, there is bound to be a cautious approach to whatever macro economics being taken and for individual countries, the welfare of their citizes holds the top priority. Though this is undesireable and short term overview of the economic situation, it is most likely that countries think twice before making any sort of commitments.
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Re: Re: WTO - trade talks - breaking logjam
Vinay Joshi | Thu Sep 17 18:48:51 2009
Dear Mr.Subbarao,
I will appreciate if you can exemplify your post with narratives.
Regards,
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