WTO Deal – trade talks back on track

Global trade talks have been salvaged after a week of intense negotiations at the WTO headquarters in Geneva. The Doha Development Round collapsed last year when developing countries walked out of a key meeting in Cancun, Mexico. Under this latest deal wealthy nations have agreed to cut back on agricultural and export subsidies – a key demand made by developing countries. In return, wealthy states have won greater access to the markets of poorer nations especially for industrialised goods and some services. WTO Chief Supachai Panitchpakdi and the EU's trade commissioner Pascal Lamy hailed the deal as a major breakthrough while NGO's like OXFAM complain that there are no firm committments or clear timetables for reform. What is clear is that the 147 members of the WTO are talking again and there's hope that the Doha Development Round will be completed by the end of 2005.