G8+5 leaders could reach an agreement in Doha round trade talks

World Bank President Paul Wolfowitz sent a letter to the G8 +5 leaders (Brazil, China, India, Mexico, South Africa) urging them to reach an agreement in the Doha round trade talks when they meet in St. Petersburg, Monday, July 17. The letter was addressed to each of the leaders and sent to them on Friday evening, says a press release of the WB Office in Moldova, sent for broadcasting to Info-Prim Neo. According to Paul Wolfowitz, the upcoming gathering of the G-8 members and the planned outreach session with the leaders of this group and international organizations offers a unique opportunity that must be used in order to make urgently needed progress in the Doha trade talks. „With time running out, our collective efforts can make the difference. We can work to lift millions from poverty, boost developing country income, improve global market access and reduce taxpayer and consumer costs for all—or allow the whole effort to collapse, with harm to everyone.”, states the quoted source. “While successfully concluding the Doha round will depend on detailed formulas and a painstaking technical process, there is the opportunity for the leaders gathered in St. Petersburg to provide the momentum essential to success. Next week, a collective pledge by the U.S. to reduce agriculture subsidies, by the EU to improve market access and the + 5 Members to limit tariffs on manufactures could help seal a deal”, the letter also says. According to the official of the WB, a pro-development result will yield gains for rich and poor alike. It would be an important step on the path to full liberalization which could generate $300 billion a year in additional production for the world’s economy. Developing countries could gain by as much as $86 billion alone, dwarfing annual bilateral assistance efforts. According to the information presented by the WB, 1.2 billion persons in the world are living with less than $1 a day.