the visible hand

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WTO Doha round collapses: US, India and China refused to compromise

Posted by ecoshift on July 30, 2008

After 7 Years, Talks on Trade Collapse – NYTimes.com
“By STEPHEN CASTLE and MARK LANDLER
Published: July 30, 2008

GENEVA — World trade talks collapsed here on Tuesday after seven years of on-again, off-again negotiations, in the latest sign of India’s and China’s growing might on the world stage and the decreasing ability of the United States to impose its will globally.

Pascal Lamy, director general of the World Trade Organization, could not bridge differences between a group of newly confident developing nations and established Western economic powers. In the end, too few of the real power brokers proved committed enough to make compromises necessary to deliver a deal.

The failure appeared to end, for the near term at least, any hopes of a global deal to further open markets, cut farm subsidies and strengthen the international trading system.

“It is a massive blow to confidence in the global economy,” said Peter Power, spokesman for the European Commission. “The confidence shot in the arm that we needed badly will not now happen.”

After nine consecutive days of high-level talks, discussions reached an impasse when the United States, India and China refused to compromise over measures to protect farmers in developing countries from greater liberalization of trade.

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One Response to “WTO Doha round collapses: US, India and China refused to compromise”

  1. […] WTO Doha round collapses: US, India and China refused to compromise […]

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