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INTELLIGENCE in TRANSPORT * Switzerland - Collapse of WTO talks threatens global trade
Geneva,Switzerland -Transport Intelligence, by Rob Walter -30 July 2008: -- World Trade Organisation (WTO) director-general Pascal Lamy has announced that after days of negotiations, ministers have failed to agree on the liberalisation of trade in agriculture and industrial products. That has led to the collapse of the whole trade negotiation process which, if successful, would have resulted in a major boost for economies in the developing and developed world... Talks foundered on agreeing a 'special safeguard mechanism' in farm products for developing countries and ultimately came down to an impasse between the US and India. Lamy's summary of the situation was bleak. "It is no use beating around the bush. This meeting has collapsed. Members have not been able to bridge their differences," he told journalists later... Out of a 'to-do list' of 20 topics, 18 had seen positions converge but the gaps could not be narrowed on the 19th — the special safeguard mechanism for developing countries, which would have allowed those countries to raise tariffs temporarily in order to deal with import surges and price falls...Labels: transport intelligence
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