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World trade talks fail over subsidies

April 5, 2012

Once again global trade meeting ended in dismay as subsidy thwarted the road for negotiation. The four members of the World Trade Organization, US, EU, India and Brazil were in Germany for finding a breakthrough on the long-delayed Doha round of talks, but the rich countries adamant attitude on the domestic farm subsidies, completely distorted the talk. The result of the much hyped talk again lowers the chances of narrowing the gap between the G-4 nations. Dismayed result could also hinder the World trade organization strategy, which comprises 150 countries. Brazil and India, two countries that have assumed a leadership role for much of the developing world, blamed US and EU for the failure of talk as they are not offering enough concessions on agriculture, whereas U.S and EU are passing the buck to India and Brazil, alleging them not opening their economy to them. While commenting on the trade talk Brazil’s Foreign Minister Celso Amorim said that it’s a “useless”, whereas India’s Commerce and Industry Minister Kamal Nath suggested that “there will have to be a substantial attitude change”. U.S. and EU burst at the strategy of developing countries as White House spokesman Tony Fratto said: The president is disappointed that certain countries are blocking an opportunity to expand trade On the other side Environmental pressure group Friends are happy with the outcome of the meeting as the considered it a good for the earth. Trade campaigner Joe Zacune said: The collapse of these secretive trade talks is a good opportunity to develop an alternative approach to trade that works for developing countries and the environment Global trade negotiations is on the hang from the decade, as developing nation and developed nations wants to secure their needs and rights. Developing nations are adamant and pressing developed nations to easy their farm subsidy, which could provide a ground to the developing to compete with them, whereas developed nation shouting over developed nation’s inflexibility. EU and U.S. are in the dock from the long ago, as they are impeaching for putting commercial interests of their corporations before the needs of poor communities and their natural resources. Image Via: IHT