Word: doha
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Dates: during 2000-2009
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Amid concerns about a worldwide resurgence of trade protectionism, negotiators from the European Union and the U.S. met in Washington earlier this month to give new impetus to a stalled global trade accord. The World Trade Organization (WTO) suspended its so-called Doha Round last July because of disagreements between the U.S. and the E.U. over subsidies to their farmers, while countries from Australia to India complain that the ways both giants use such supports are a major trade distortion. There's not much time left for a new deal, since the special "fast-track" authority to negotiate trade agreements...
...There have been many attempts to breathe life into the Doha Round - why should this initiative be any different? There is a wide appreciation among all the players that we are in the endgame. I think everyone realizes what a serious situation we are in. There is a shared sense of urgency about this, although it is partly for reasons to do with the electoral calendar in both the U.S. and Europe...
...Despite the Doha Round's failure so far, world trade is booming. Doesn't that suggest that a deal may not be as important as you think? World trade is booming because previous rounds and trade deals have succeeded in driving tariffs down. Doha can push liberalization further and spread the benefits more widely across the global economy. Success will lock in new levels of openness and guard against recession and protectionism...
...suggest that a global deal would benefit developing countries especially. But are they doing enough to make it happen? Developing countries will be asked to make a proportionate contribution to the Doha package. But a key group of emerging economies like China, Brazil and India are now in a position to do more. These G-20 countries have played a clear leadership role in the Round. For a final deal they must step up to the table with strong offers...
...What will happen if the Doha Round really is pronounced dead? The inevitable response will be each for himself, and every continent will be the worse for it. The consequences would be, firstly, that we would miss this wonderful economic opportunity; second, there would be a weakening of the WTO, and this would particularly harm developing countries; and third, it would remove an important bulwark against protectionism...