EU's Mandelson 'disappointed' by failure of G4 talks |
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Fri, 29 Jun 2007 23:19
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BRUSSELS (Thomson Financial) - EU trade commissioner Peter Mandelson said he is 'disappointed' that trade talks between the 'G4' of the US, the EU, Brazil and India collapsed in the German city of Potsdam last week.Speaking in Paris, Mandelson said: 'I am disappointed that the talks...broke down. If Doha fails, it would be a huge opportunity missed for the world - and for the EU, as the world's biggest exporter.'The Brazilian and Indian delegations had walked away from the negotiations because they had proved to be futile.The four G4 powers represent a range of poor and rich countries' interests at the WTO. An agreement among them on the concessions needed to reduce barriers to trade in agriculture and industrial goods is regarded as essential to draw in the rest of the 150 members.Negotiations to conclude a trade liberalisation deal, which is mainly meant to provide an economic boost for developing nations, have missed several deadlines since the Doha round was launched.Developing countries and wealthy nations are at loggerheads over the degree of state support for agricultural markets and an acceptable level of protection against imports, primarily in the EU and the US.Rich nations are also looking for more concessions from developing nations on access to their markets for industrial goods or for services companies.The WTO has been hoping to reach an agreement by the end of the year. Under the organisation's rules, it must be approved by consensus and even a single dissenting voice can block it.Agreement between the G4 members is seen as crucial if any final deal is to be reached.simon.zekaria@thomson.comsz/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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