WB President advises G8+5 to agree over Doha round trade talks

10 Jul '06

3 min read

World Bank (WB) President Paul Wolfowitz sent a letter to the G8 +5 leaders (Brazil, China, India, Mexico, South Africa) urging them to reach an agreement in the Doha round trade talks when they meet in St. Petersburg, Monday, July 17. The letter was addressed to each of the leaders and sent to them on Friday evening.

Text of the letter follows:
“The upcoming gathering of the G-8 members and the planned outreach session with leaders from China, Brazil, India, South Africa, Mexico, the African Union and international organizations offers a unique opportunity we must take advantage of if we are to make urgently needed progress in the Doha trade talks. With time running out, our collective efforts can make the difference.

We can work to lift millions from poverty, boost developing country income, improve global market access and reduce taxpayer and consumer costs for all—or allow the whole effort to collapse, with harm to everyone.

“Good intentions are in generous supply. The U.S. Trade Representative has committed “to do our part” pointing out just last week, “there are plenty of examples of trade rounds that have faltered and ultimately been resurrected.”

The EU Trade Commissioner said, “There is a three way bargain here. The G20 wants steeper cuts in U.S. farm subsidies before accepting required cuts in industrial goods. Washington can unlock this by stepping forward with a better offer. If this happens the EU, will at the same time meet them both with a strengthened offer.”

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