Blair: WTO facing “critical moment”
Tony Blair has called on world leaders to broker a new deal on fair trade at the World Trade Organisation (WTO) summit next month in Hong Kong.
The prime minister said anything short of the task would be a disaster for world economies, both developed and under-developed.
Mr Blair said winning an agreement on the Doha round of talks could create an extra £350 billion in trade a year.
World leaders at the summit are to discuss way to liberalise global markets to aid producers in the developing world.
Speaking at the Commonwealth heads of government meeting in Malta, Mr Blair said it behoved leaders of the G8 nations to deliver on promises made at Gleneagles this year.
“There are many aspects of the G8 agenda that are being delivered, but this issue to do with the WTO is very important and it is important that Hong Kong marks a significant step forward,” he said.
“This is an absolutely critical moment of decision for the whole World Trade Organisation. If we don’t get significant movement in Hong Kong and subsequently there is a danger that the round fails, that would be disastrous for economies, both developed and developing.”
Mr Blair added: “For the poorest countries, whose labour costs are low but who often find the very high tariffs selling into the wealthy countries’ markets, it is essential if they’re to stand on their own two feet that they’re allowed access into our markets.”
Leaders of the 53-nation Commonwealth on Saturday called for a successful end to the WTO talks by the end of 2006 at the latest.
Mr Blair is to chair trade talks in London next week with finance ministers from the G7 countries, as well as Brazil, India and China.
Britain is the current holder of the European Union presidency.
