Lamy Considers Spring 2007 A Season To Reopen Global Trade

Lamy Considers Spring 2007 A Season To Reopen Global Trade
Written by EditorsChoice
Monday, 30 July 2007

Pascal Lamy, the director-general of the prestigious World Trade Organization (WTO) announced in an interview on Monday evening that he sees a great chance to restart the global trade talks in the midst of the November US Congressional elections and in the coming March. However, for the said global trade rounds to be restarted, positions and views of several member nations must be altered significantly with regard to the agricultural industry.
The WTO chief also said that changing points of views with regard to the global trade entails secret meetings and conversations among the powerful nations and their allies, to ensure that there will be a big room for improvement. He also stated that if WTO member countries will not show eagerness to move, then there is no reason for the countries to meet in the tables again.
In the said interview last Monday, Lamy said that if ever the global trade talks are to be relaunched, it is therefore the result of the emerging flexibilities of different trading nations. It must be noted that right after the collapsed of the WTO round of conferences on July, a clear and present danger that can lead the trade talks to its downfall emerged. Lamy, however, stated that the choice between failure and victory is now being seriously discussed on the trade table.
It must be noted that the global trade talks, which was established way back in 2001 with the aim of lifting billions of people from poverty, of helping other slow developing nations to increased their exports, and of possibly opening more markets for international trade has faltered on July this year because of the disputes of several fast-growing and powerful nations over farm subsidies and tariffs.
Lamy, who has been very optimistic regarding the reopening of the controversial global trade rounds in Doha, warned that the failure to gain a solid agreement for the world trade can shroud the hopes of several poor nations toward the open market system. This can be possible especially during moments when the world economy is facing growing protectionist pressures instead of developing demands. Lamy also stated that the failure of the WTO deals will declare poor and underdeveloped countries as losers, while rich and powerful nations as clear winners.
The time frame for the possible relaunched of the belligerent global trade talks will begin right after the elections of the US Congress in November and would end in March next year, during which the new US Agriculture legislation will be shaped.
Several global trade analysts deemed the agricultural bill, which lay outs America's budget for its farms, can somehow affect the negotiating stand of the said country. However, Lamy is confident that the bill in question cannot greatly influence the trade rules even if the Democrats gain manipulation of the Congress, and the Republicans lose its grips on the House.
Another factor that clearly determines the spring of next year as the turning point for the global trade rounds to be restarted is that discussions in the Congress would be emphasizing on the choice whether to prolong the US presidential authority, dubbed as fast-track powers, to achieve global trade agreements. And at that time, Lamy said that the WTO should gain a more credible package of economic measures on the negotiating table.
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