Finance ministers and central bankers from the world’s leading industrial countries expressed strong support for the revival of Doha round talks and resisting protectionist sentiments. The ministers in the summit raised hopes that a multilateral deal on global trade could be reached in the coming months. However, the official statement in the meeting’s joint announcement has reflected only the sentiments of the leading largest economy.
Several finance ministers have said that they had been encouraged in their optimism by exchange of view over Doha round talk’s revival with counterparts of large developing nations. The G7 meeting was also attended by leading developing countries. The developing nations are negotiating and contemplating to reduce customs on imported goods and financial services while seeking concessions by the European countries and the US on subsidies given to farm sector.
While these preconditions and negotiations have not produced results in positive directions yet. However, there is a broad and clear feeling to cash in the opportunities to strike a global trade deal. German finance minister have said that all the attendants have pledged to put maximum pressure to their counterparts to work towards a successful conclusion of the Doha round talks.
In the meanwhile, France once again reiterated France’s reluctance to accept more subsidies cut in farm sector beyond the level agreed by US and EU negotiator. The developing nations, on the other hand, are asking for more cuts in agricultural subsides by the US and EU and they appear to be dissatisfied by the present level of cuts proposed. The finance ministers have signaled that they would resist protectionist policies and would work towards a freer trade environment.
