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Home -> Finance -> Full Story
G-22 calls for a fair process in trade liberalisation
Saturday, October 11 2003 11:09 Hrs (IST)

Buenos Aires: Developing nations, including India, under the banner of G-22 have called for a fair global trade liberalisation and sought to deflate passions that flared during the World Trade Organisation (WTO) talks in Cancun in September.

Ministers and officials from Asia, Africa and Latin America that form the group met in Buenos Aires on October 10 in a bid to maintain their unity and momentum following the collapse of the talks in Cancun, that ended in a bitter dispute with richer nations over farm subsidies.

However, cracks have appeared in the group. Peru withdrew last week and Guatemala has also pulled out. Many did not send ministers to the ministerial meeting.

Despite this, members who were present in Buenos Aires demanded that WTO liberalisation proceed in a fair manner, and stressed that agriculture remains a "central part" of future talks.

"We agree that the multilateral system of commerce is essential in order to continue the process of commercial liberalisation on a just and stable basis," the group said in a declaration signed by India, Argentina, Bolivia, Brazil, Chile, China, Cuba, Egypt, Mexico, Paraguay, South Africa and Venezuela.

They said the contentious sticking-point of agriculture and farm subsidies would form a key part of future talks.

Agencies