The Doha Round and The WTO Cancun Ministerial Conference

Abstract:

In early 2004, the multilateral trading institution, the World Trade Organisation (WTO), finds itself at the crossroads. World trade has grown significantly in the past three decades. Even as more and more countries appreciate the importance of trade, disputes have also become frequent. The WTO has been set up to resolve these disputes amicably and create an environment where trade can flourish. The Doha round launched in Qatar in November 2001, has set ambitious goals. It aims at reducing trade- distorting farm support, slashing tariffs on farm goods, eliminating agricultural subsidies, cutting industrial tariffs, especially in areas that poor countries care about, such as textiles and freeing up trade in services.

The Doha round also emphasizes four new areas: competition, investment, transparency in government procurement and trade facilitation. These four new areas are referred to as the 'Singapore issues' after the WTO meeting at which they first came up for discussion. As the Cancun Ministerial conference draws near, it is clear that arriving at a consensus on the various thorny issues will be difficult if not impossible. The failure of the Cancun talks comes as no surprise. The impasse at Cancun has prompted some economists to wonder whether multinational trade negotiations have any future at all. Others feel common sense will prevail and countries will return to the negotiating table in due course of time.

Contents:

Keywords:

Doha, World Trade Organisation (WTO), Cancun, Cancun Ministerial conference, Qatar, Singapore issues, Competition, Investment, Transparency in government procurement, Trade facilitation, Agricultural subsidies, Slashing tariffs, Trade-distorting farm support, Multinational trade negotiations, GATT

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