The World Trade Organisation (WTO) on Thursday exuded hope that the ongoing ministerial meeting would help draw out the broad contours for successful conclusion of the global trade negotiations that have been stuck on several contentious issues for over 8 years now.
“I hope the Delhi (mini-ministerial meeting) can be the beginning of the end game of the Doha Round,” WTO director general Pascal Lamy told industry captains at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).
Lamy said delivering a deal on climate change was another daunting challenge facing the international community this year, raising concerns whether trade talks could now get linked with climate issues.
“Mitigating global warming and adapting to its consequences will require major economic investment and, above all, unequivocal determination on the part of policy-makers,” he said.
Lamy envisioned the emergence of a new triangle of global governance, a “triangle of coherence’ in a world challenged by the climate change, financial, job, and food security crises.
The WTO, he said, had been closely monitoring trade policy developments.
“We have seen an increase in restrictive trade measures since the onset of the global financial crisis. There is no room for complacency. While I do not think we are in a situation where we need to cry wolf, we need to remain vigilant and ensure that WTO members remain open with one another,” Lamy said.
“Whether it is about generating market access for goods and services or facilitating trade, the most efficient means to achieve these goals today remains in the multilateral Doha Development Round,” he said.