Six Key Nations of WTO

Though Lamy is out on a visit to the six key nations of WTO (first being Japan) to discuss and settle fairer trading conditions, chances of being in time are slim. The Cancun Ministerial – the WTO’s highest decision making body – fell apart in just four days in 2003. Though everybody knows why things are failing, WTO members could never reach a consensus. The issue of the US agricultural subsidies and the European Union’s Common Agricultural Policy has always been at the core of split between the developed and developing nations. Noticeable here is the deadline of December 2006 and hopes for reaching a deal by 2007, after which the US fast track legislation expires. It means that after 2007, it would be harder to get ratification on any deal from the US Senate. Before the WTO falls, member nations must either disband it or respect it. Time is going by. Speed is of essence.

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Source:- IIPM-Business and Economy,

Initiative:- Prof. Arindam Chaudhuri