G7 to renew momentum to world trade talks
(Xinhua)
Updated: 2005-12-04 09:38

The most industrialized countries were committed to renew the momentum to the current world trade talks while developing countries like Brazil and India were willing to make progress in agricultural policy reforms and tariff cutting, British Chancellor of the Exchequer Gordon Brown said in London on Saturday.

Concluding a two-day meeting of finance ministers from the Group of Seven (G7) in London, Brown said, "We have always said that without movement on trade, the significant progress we have made this year on debt and aid would be undermined."

The G7 ministers saw the Hong Kong WTO ministerial meeting in 10 days would be a critical step and opportunity that must be seized to make progress, he told a press conference after the meeting.

"This is a 300 billion US dollars question for and we know that, if successful, the forthcoming trade round could increase global income by 300 billion US dollars over the next year," he said.

Along the ministerial meeting, the G7 finance ministers held a dialogue meeting with their counterparts from China, Brazil and India, on which the developing countries expressed their intentions to cut industrial tariff and make further moves on agriculture.

"Brazil is willing to make a further offer in the industrial tariff negotiations, regarding the reduction of effectively paid subsidies, a firm date for the elimination of export subsidies, the number of and treatment given to tariff lines of sensitive products and rules and definitions on distorting subsidies, together with substantial reductions in applied tariffs," said Brazilian government in a statement released after the meeting.

India also called for further moves on agriculture and on world industrial tariff negotiations and is willing to undertake higher cuts provided developed countries can match or take higher cuts, said Brown.

"With the meeting with China, we also witness that they are willing to make further talks also," he said.

"We are grateful for Brazil and India for their offers on agriculture reforms and we are calling European Union and the US to do what we can on this," said Brown.

In a communique agreed by ministers, the G7 ministers called for significant progress to be made on market access in agriculture, industrial products and services, reducing trade distorting domestic support, eliminating all forms of export subsidies in agriculture, and making significant progress on services including financial services, added Brown.

The most-developed countries also pledged to increase financial assistance to poorer countries to make them flexible to decide, plan and sequence reforms to trade policies.

"We will increase aid for trade to 4 billion US dollars. And within the context of our shared commitment to double aid to Africa by 2010," Brown said.

He also indicated that matching the supply and demand of oil is at the heart of the G7's efforts to maintain global stability and growth.

The G7 countries would step up dialogues between oil producing and consuming countries to call for increased transparency in the global oil market and to ask the International Energy Authority to report on alternative sources of energy and energy efficiency.

The G7 ministers also talked regional development in Middle East with finance ministers from the Palestinian Authority and Israel.

"The economic development of the West Bank and Gaza is an indispensable element of lasting peace in the region and all parties have a role to play," Brown commented.

The most industrialized countries were committed to renew the momentum to the current world trade talks while developing countries like Brazil and India were willing to make progress in agricultural policy reforms and tariff cutting, British Chancellor of the Exchequer Gordon Brown said in London on Saturday.

Concluding a two-day meeting of finance ministers from the Group of Seven (G7) in London, Brown said, "We have always said that without movement on trade, the significant progress we have made this year on debt and aid would be undermined."

The G7 ministers saw the Hong Kong WTO ministerial meeting in 10 days would be a critical step and opportunity that must be seized to make progress, he told a press conference after the meeting.

"This is a 300 billion US dollars question for and we know that, if successful, the forthcoming trade round could increase global income by 300 billion US dollars over the next year," he said.

Along the ministerial meeting, the G7 finance ministers held a dialogue meeting with their counterparts from China, Brazil and India, on which the developing countries expressed their intentions to cut industrial tariff and make further moves on agriculture.

"Brazil is willing to make a further offer in the industrial tariff negotiations, regarding the reduction of effectively paid subsidies, a firm date for the elimination of export subsidies, the number of and treatment given to tariff lines of sensitive products and rules and definitions on distorting subsidies, together with substantial reductions in applied tariffs," said Brazilian government in a statement released after the meeting.

India also called for further moves on agriculture and on world industrial tariff negotiations and is willing to undertake higher cuts provided developed countries can match or take higher cuts, said Brown.

"With the meeting with China, we also witness that they are willing to make further talks also," he said.

"We are grateful for Brazil and India for their offers on agriculture reforms and we are calling European Union and the US to do what we can on this," said Brown.

In a communique agreed by ministers, the G7 ministers called for significant progress to be made on market access in agriculture, industrial products and services, reducing trade distorting domestic support, eliminating all forms of export subsidies in agriculture, and making significant progress on services including financial services, added Brown.

The most-developed countries also pledged to increase financial assistance to poorer countries to make them flexible to decide, plan and sequence reforms to trade policies.

"We will increase aid for trade to 4 billion US dollars. And within the context of our shared commitment to double aid to Africa by 2010," Brown said.

He also indicated that matching the supply and demand of oil is at the heart of the G7's efforts to maintain global stability and growth.

The G7 countries would step up dialogues between oil producing and consuming countries to call for increased transparency in the global oil market and to ask the International Energy Authority to report on alternative sources of energy and energy efficiency.

The G7 ministers also talked regional development in Middle East with finance ministers from the Palestinian Authority and Israel.

"The economic development of the West Bank and Gaza is an indispensable element of lasting peace in the region and all parties have a role to play," Brown commented.