Ministers agree to avoid export curbs, push for Doha deal | business | Hindustan Times
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Ministers agree to avoid export curbs, push for Doha deal

As many as 18 countries including India have agreed to 'refrain' from resorting to fresh export curbs and respect the multilateral rules within the WTO for promoting their overseas trade.

business Updated: Feb 01, 2009 23:23 IST

As many as 18 countries including India have agreed to "refrain" from resorting to fresh export curbs and respect the multilateral rules within the WTO for promoting their overseas trade.

Trade ministers of key WTO members, who met here on the sidelines of the World Economic Forum conclave, also resolved to give priority to efforts to reach a deal under the much-delayed Doha Round and guard against protectionism.

"We ministers in charge of trade policy present at the WEF in Davos agree to refrain from imposing new export restrictions or implementing WTO-inconsistent measures to stimulate exports and wherever possible pursue efforts to create new trade and investment opportunities," the resolution of the meeting of 18 trade ministers said.

It said ministers recognised the progress made last year towards finalising the blueprint for signing the market-opening global trade agreement. They said the progress achieved so far provides a sound basis for an early resolution of the remaining differences this year.

They informed WTO Director General Pascal Lamy about increasing pressure in their home countries against protectionism.

Lamy said that the conclusion of the Doha Round should be taken as part of a stimulus package and that message had to be sent to the G-20.

He said there were plenty of ways to provide protection without slipping into isolation.

Several nations, including India, had slapped export restrictions around the middle of 2008 in the face of runaway inflation, especially of food articles.