All grown up and nowhere to go

darn those stubborn… few-large-emerging-market-economies!

Posted on: July 26, 2008

Trust the US to use blatant euphemisms:

White House Calls For Support From Big Emerging Market Economies

WASHINGTON (AFP)–The U.S. expressed concern Friday over “a few large emerging market economies” it said could stand in the way of a global trade pact, even amid the optimism expressed at ongoing WTO talks.

White House spokesman Tony Fratto said the U.S., represented in Geneva by US Trade Representative Susan Schwab, “is playing a leading role in moving these talks forward,” as key trading nations have reached a breakthrough in the trade liberalization talks.

“Significant issues still remain to be resolved, and we remain concerned that a few large emerging market economies are failing to join a growing consensus,” added Fratto, who declined to name the countries.

“It is critical that these few large emerging market economies contribute to a successful outcome in these discussions.”

Ministers from 35 leading economies have been meeting in Geneva all week to discuss reductions in subsidies and import tariffs with the aim of mapping out a new deal, called the Doha Round, to boost world trade.

The Doha Round was launched in the Qatari capital seven years ago but has foundered because of disputes between the rich developed world and poorer developing nations on trade in farm and industrial products.

Earlier Friday, Schwab warned that a handful of countries could still ruin the emerging consensus.

“There are a handful of large emerging markets that quite frankly risk unraveling the entire package,” she said in reference to a draft agreement under discussion.

Argentina said it would be unwilling to accept the proposed agreement as it stands and diplomatic sources told AFP that India was also not supporting to deal.

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