The headlines say it all…"World Trade Talks ‘Failed Again'" (BBC 7.29.08). While the reality is not a complete surprise to many, there were scattered moments of optimism as the negotiations wavered and continued past the original ‘no time left to negotiate date’.But in the end, attempting to find a point of consensus between 153 different countries with widely divergent economies, needs, interests, geographies, politics and the list goes on was probably not really doable in the first place.
While the finger-pointing about whose fault this is and who didn’t give enough has already begun and will probably continue for some time, the more important conversation must be – where do we go from here? It is imperative that work be done to insure the WTO infrastructure already in place is not damaged and economic gains experienced through the last 60 years of market openings are not lost.
This may be the time for the WTO to institute industry-specific talks by willing countries that are interested in greater market access. That’s one idea. What do you think should be the route taken?
One thing is for sure, without effective and clear leadership within the WTO framework, the veil of protectionism that is already expanding will ultimately leave all countries – developed and developing – worse off. That is in the best interest of no one.
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