World Trade Organization Director Pascal Lamy has said a swift conclusion to a new world trade pact could serve as a powerful stimulus for recovery from the global financial crisis. Global trade talks will be held in New Delhi Sept. 3-4 as a precursor to a G20 summit on Sept. 24-25 in Pittsburgh, and Lamy says he will use those talks as a platform to make the case that concluding this round by the end of next year will be in the interest of all.
The Doha Round of trade liberalization talks began in late 2001 but have stalled due to disagreements between rich, developing nations on agricultural and industrial products. Leaders agreed last month to finish the Doha talks by 2010. Lamy said waiting for the crisis to disappear to conclude the Doha Round would mean depriving the world economy of a powerful engine for recovery. He said newly elected governments in India and the U.S. could revitalize the talks because there seems to be a different atmosphere surrounding the talks since elections in those countries.
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