Bad news for S’pore if WTO talks fail
ANN/ The Straits Times
The failure of global trade talks next month will be bad news for countries like Singapore that thrive in an environment free of barriers to trade in goods and services, Prime Minister Lee Hsien Loong said here on Saturday.Speaking after Asia-Pacific leaders wrapped up a two-day summit with a united call for countries to overcome an impasse on agricultural subsidies, Lee's own assessment on the possibility for progress in the talks in Hong Kong is that "it's going to be tough". This is because agriculture is a core issue and the Europeans are finding it very hard to move on it. Europe -- under fire for endangering moves to establish an open global trading system by refusing to compromise on agricultural subsidies -- was not named by Apec leaders in their statement on next month's World Trade Organisation (WTO) talks. But it was clearly the target. "All WTO members must achieve an ambitious and overall balanced outcome which include: A comprehensive package in agriculture to ensure substantial reductions in trade-distorting domestic support, substantial improvements in market access by significantly lowering tariffs and reducing quantitative restrictions, and the elimination of all forms of export subsidies." The leaders said there must be a break in the impasse. A successful outcome of the Hong Kong talks will be pivotal to boosting global growth and lifting millions out of poverty.
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