🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

African nations seeking united front on trade talks

Published 10/27/2009, 02:43 PM
Updated 10/27/2009, 02:45 PM
TGT
-

By Patrick Werr

CAIRO, Oct 27 (Reuters) - African countries are drawing up a unified position this week to try to pry open the markets of developed countries ahead of a World Trade Organisation (WTO) ministerial conference in Geneva on Nov. 30.

Delegates to an African trade ministers conference that opened in Cairo on Tuesday said continuing delays on a new global trade deal was crippling African development, especially in the wake of the global economic crisis.

"Africa needs an early, balanced and fast conclusion of this round. So it will be an appeal to the major players to come to the table, because this time around, it's not Africa who is delaying the process," said S.B. Naresh Servansing, a delegate from Mauritius.

African nations are seeking broader access to developed markets of their agricultural produce in particular, especially cotton, which is grown widely across the continent.

They also complain that subsidies to producers in rich countries, particularly to U.S. cotton growers, are distorting world trade to the detriment of producers in poorer countries.

Servansing, chief negotiator for the 79-member group of African, Caribbean and Pacific countries at the WTO, said talks should be all inclusive in a way that allows African and other vulnerable countries put their concerns on the table.

"There is a proliferation of small group meetings in Geneva at the moment in terms of bilaterals and peripherals which is taking place outside the existing, approved and endorsed structures of negotiation which were set up," he told Reuters.

Despite an intensive work programme agreed last month, WTO talks have not achieved enough to reach a core deal in implementing the Doha negotiations, now in their eighth year.

"It's important because trade is one of the engines of growth," Egyptian Ambassador Hisham Badr, African Coordinator for WTO matters in Geneva, said on the meeting sidelines.

The failure to enact the Doha trade pact and the global financial crisis had caused private investment to fall by 40 percent in 2008 and African losses from exports of $251 billion in 2009, Badr said in a statement to the meeting.

"If we can't put our products on the market, we cannot produce, then our farmers and producers and everyone cannot have the economic growth that is needed," Badr said.

The three-day WTO conference that begins on Nov. 30 will not include negotiations, but will give African nations a chance for their views to be heard, delegates said.

The WTO's Director-General Pasqua Lamy said on Oct. 23 that a 2010 target for a commerce deal was out of reach unless countries accelerate their negotiations. [nLN330263]

(editing by Patrick Graham)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.