This is archived web content selected for preservation by The National Archives.
This snapshot was taken on
26/07/2008
.
External links, forms and search boxes may not function within these archived websites.
.
 
 26 July 2008
Department for Innovation, Universities and Skills (DIUS)
 
You are here:
 

Doha Round - Latest

photograph of officials in conference hall

"One minute to midnight" for trade talks

 

Gordon Brown has said that the World Trade talks (The Doha Round) which commenced today (21 July 2008) in Geneva are 'at one minute to midnight...'

From today delegates from the 152 members of the World Trade Organisation are convening in Geneva to attempt to close a deal on the Doha trade round. A successful conclusion has the potential to lift millions of people out of poverty and give a boost to the world economy at this critical time - it is estimated that a deal could be worth $152 billion per globally.

Last week the Confederation of British Industry had a letter calling for a deal, signed by more than 20 major Business leaders, published in the Financial Times.

A successful outcome to the negotiations matters particularly for the poorest countries. Protectionism and subsidies in developed countries cost developing countries $24 billion a year in agricultural income.

Cotton in particular is a litmus test for the development benefits of the Round. Subsidies to US Cotton Farmers are estimated to reduce world prices by 10-15%, costing farmers in West Africa $75-$100 million a year alone. The removal of cotton subsidies and import tariffs would boost economic welfare in Sub-sahara Africa by $147 million per year.

This week Gareth Thomas and Douglas Alexander, supported by a delegation from the DFID/BERR Trade Policy Unit are engaged in talks that provide us with a historic opportunity to secure a freer and more open global trading system. One that could give a vital shot in the arm to the global economy and could lift millions out of poverty.

But time is running out. If we don’t secure a deal this week, we might not be able to conclude the round for 3 years or more. The US and Indian elections, and a new European Commission next year all mean that trade talks would not start again for 2 years – if at all. And we cannot be sure that we would pick up from where we left off in two years from now. This deal may never be on the table again. We must act decisively now. If we don’t, we will be destroying one of the the best platforms for future economic growth.. and we will be failing the world’s poor.

 

© Crown copyright 2008