L AQUILA, Italy: The Group of Eight rich nations and emerging economic powers vowed Thursday to resist protectionism and give a new push to wrap up long-struggling WTO talks next year, according to a draft declaration.
We will cooperate to ensure that the global economy resumes growth along a balanced, equitable and sustainable path for the benefit of all, especially the most vulnerable, said the statement following talks between the G8 and leaders of China, Brazil, India, Mexico, South Africa and Egypt.
We will resist protectionism and promote open markets for trade and investment, added the draft statement, a copy of which was seen by AFP.
As major economies lurched into a dire recession, fears have grown that some governments would be tempted to boost their economies by shutting out foreign competitors to domestic businesses.
Concerns have also risen that the slump would derail WTO trade liberalization talks, which were struggling for years well before the global economy became mired in recession.
We … are committed to seek an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, building on the progress already made, said the statement.
The so-called Doha round of trade liberalization talks were launched in the Qatari capital in late 2001 but have foundered ever since, despite repeated attempts to infuse new life in the negotiations.
Progress has been hampered by disputes between developed and developing nations on measures to ease restrictions on trade in agricultural and industrial products.
Two officials with knowledge of the discussions in L Aquila said plans were in the works for WTO trade ministers to meet sometime before a summit of the Group of 20 economic powers in Pittsburgh, Pennsylvania, on Sept. 24 and 25. -AFP
