Key Trading Nations Agree to Resume Talks
Ministers from some 30 countries offered few details about how they plan to unblock the so-called Doha Round of world trade talks, which have been frozen since last summer.
But a short statement issued by the Swiss Economics Ministry, which organized the informal ministerial meeting Saturday, said the group wanted a quick resumption of 'full-scale activity' in the trade talks.
The meeting took place on the sidelines of the World Economic Forum, an annual meeting gathering some of the globe's most powerful politicians and business leaders at the Swiss resort of Davos.
Even if political will to resume trade negotiations is there, and many leaders say it is, major sticking points remain. Key among them are disagreements between the EU, the U.S. and developing nations over slashing agricultural tariffs, which developing nations say put their farmers at a disadvantage and protect farmers in wealthier nations.
Elections in France later this year may also break the momentum to strike a deal. Meanwhile, special congressional 'fast-track' authority in the U.S. to approve a trade deal expires at the end of June.
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