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To reach a deal on long-delayed global trade negotiations before this year-end is still possible, the head of the world trade body has said.
“There are the political and technical conditions to wrap things up in 2008,” World Trade Organistaion Director General Pascal Lamy told the Les Echos newspaper. He added that the pact must be struck this month or next to give time for the final texts to be prepared.
The WTO wishes to hold ministerial talks this month to secure a breakthrough in the trade round. Although no date has yet been set for this meeting, Lamy said it could still happen.
“It is still feasible. The major political leaders are all agreed that we need to complete the negotiations by the end of the year,” Lamy said.
To do that, WTO members still required to seal a deal on three areas -- agricultural subsidies, and agricultural and industrial custom tariffs. Otherwise, there will be more delays due to changeover in administrations of Washington and Brussels in 2009. (Source: Reuters)
May 14, 2008
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