Commissioner Buncamper says successful trade talks necessary for world economy
Commissioner of Economic Affairs Maria Buncamper-Molanus says the coming weeks will be critical to revitalizing the Doha round of trade liberalization negotiations.
Recently the Doha round of trade talks collapsed. A successful outcome to the global trade talks is vital to strengthening the world economy and improving the livelihoods of millions of poor and vulnerable people.
The Doha negotiations have been going on for more than seven-years, led by the World Trade Organization (WTO). Countries failed to reach an agreement on a mechanism that would allow developing nations to raise tariffs temporarily in the face of import surges and falling prices.
The Doha negotiations have been going on for more than seven-years, led by the World Trade Organization (WTO). Countries failed to reach an agreement on a mechanism that would allow developing nations to raise tariffs temporarily in the face of import surges and falling prices.
According to the United Nations Development Programme (UNDP), in some cases bilateral and regional trade agreements are beneficial to those participating; however they cannot replace a truly multilateral system. Developing countries would be able to benefit from the rules and the dispute settlement mechanism of the multilateral trade regime.
"A balanced, open and equitable system is needed especially looking at the current difficulties of the world economy caused by the financial crisis, high energy and food prices. These have been partly attributed to the sub-optimal trade policies and hence the importance of these talks to resume," Commissioner of Economic Affairs Maria Buncamper-Molanus told the Government Information Service (GIS).