Trade ministers see 'sound basis' for WTO push

Leading trade ministers on Saturday said there was a "sound basis" for agreeing a new global free trade pact this year amid growing fears about protectionism as the economic crisis bites.
Ministers from 18 economies met on the sidelines of the Davos forum, saying afterwards that they would push to overcome their differences early this year in the so-called Doha Round of World Trade Organization (WTO) negotiations.
"We recognise the major progress made in 2008 towards finalising modalities in the Doha Development Round, which provides a sound basis for an early resolution of the remaining differences in 2009," a declaration endorsed by the ministers said.
In the declaration called "open trade for economic recovery", they also pledged to refrain from raising trade barriers or imposing new export restrictions.
There was no permanent US negotiator at the meeting, however, which brought together key emerging powers Brazil and India as well as European and Asian ministers.
Acting US Trade Representative Peter Allgeier endorsed the statement.
Ministers have been struggling to agree a trade deal since talks were launched in Doha in 2001 and regular commitments to make progress and complete the round have come to nothing.
World leaders had pledged in a meeting in Washington in November to agree a framework agreement before the end of 2008, but World Trade Organization chief Pascal Lamy called off a mooted December gathering due to a lack of consensus.
Lamy warned that trade was "already a casualty" of the global slowdown, with sharp falls in trade flows that are in turn leading to further unemployment.