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WTO free trade talks back on track
28
Jul '08
The ongoing meeting of the seven leading trading powers at the World Trade Organization was almost waning when the members took an initiative to revive it by formulating an outline agreement in the Doha Round of global free trade talks.

In a bid to resurrect the staggering talks, trade and farm ministers from the seven leading trade countries (Australia, Brazil, China, the European Union, India, Japan and the United States, held an exclusive meeting on July 25. The meeting concluded on a very positive note and gave encouraging signs of progress and interesting ideas to bolster trade.

After the meeting Foreign Minister of Brazil told the media that although there has been a major progress in the sphere of trade of all the seven leading countries, there are still many challenges that need be handled at the earliest.

The minister also held firmly that the probability of striking a deal on modalities, key figures for cuts in tariffs and farm subsidies, has increased from 50 to 65 percent even before the meeting began on July 21.

Discussions over strategic issues will continue until early next week among more than 30 ministers, including those from the seven major trading partners. A meeting on the service sector will also be conducted today in the afternoon.

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