Monday, July 24, 2006

Doha trade talks collapse

Peter MandelsonThe Doha round of WTO trade talks appear to have collapsed due to intransigence on the parts of the US and EU. This is a disgraceful two-fingers to the developing world by rich nations who evidently have decided they have screwed all they can out of the globalisation process.

While I do not trust a word EU Trade Commissioner Peter Mandelson says, he commented:

"We risk weakening the multilateral trading system at a time when we urgently need to top up international confidence, not further damage it, and do what we can to stabilise the world, not create additional tension and uncertainty. Let's be clear, as well as an economic cost, there is a huge political cost of failure."

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