The Adam Smith Institute (ASI) welcomes agreement in world trade talks which may revive the Doha round of trade talks.
After hours of talks, key WTO nations, including the US, the EU, Brazil and Japan, agreed to eliminate export subsidies at a date to be set, to limit other subsidies and lower tariff barriers.Dr. Pirie of the ASI comments,In return, wealthier nations, among them the EU's members, are insisting on better access to markets in developing nations.
In fact trade, not aid, has been the route to betterment. Countries which have traded have grown wealthier, whereas those which have not traded have performed poorly. Aid could be used to cancel debt. It could be used to promote access to clean water. It could be used to conquer malaria, aids and other diseases. But for growth and prosperity, it is trade which delivers.This represents good news for developing and developed countries limiting and eradicating artifical trade barriers and losing subsidies which distort the market and cost us a fortune. It'll take a couple of years to hammer out the fine print, but it is a positive development.
Posted by Paul in Trade Politics at August 2, 2004 10:11 PM | 0 Comments
