Negotiators at the World Trade Organization meeting in Hong Kong reached an agreement Friday on granting duty-free and quota-free access to imports from so-called least developing countries, Indian and Indonesian officials said, reports the World Bank press review.
Key negotiators were able to agree on a text that addressed both the demands of the poor countries and also the concerns raised by the United States and Japan, an Indian official said, requesting anonymity because an official announcement was due later.
Rich countries as well as leading developing countries like Brazil, India and China have agreed to provide duty free access on “a lasting basis,” he said reading out from a copy of the text.
Among the 149 WTO members, 32 fall into the category of least developed, with per capita incomes of less than 750 US dollar (4.650 DKR) a year.
The agreement came after negotiators from least developed countries dropped their demand that all of their products should be allowed duty-free access, the Indian official said.
In return, negotiators from the US and Japan agreed to limit the exemptions to a fixed percent that will be worked out later. Such exemptions would be transitory and would end by a set date, he said. According to the text of the agreement, developing economies like India, Brazil and China will be allowed more flexibility than the rich nations.
Meanwhile, the World Bank has stepped up the pressure on bigger wealthy nations, warning that “there has been too much talk and too little action” over their pledge to help developing countries through freeing up trade.
Speaking at the WTO meeting in Hong Kong, World Bank vice-president Danny Leipziger noted that the trade talks so far have “disappointed” the bank. – In the first three days the meetings have taken, the rich countries have transferred more than 2 billion dollar (12,4 milliarder DKR) to their farmers in various forms of support, said the official, who is heading the World Bank delegation.
– In the same period, the 300 million poorest people in Africa have earned less than 1 billion dollar (6,2 milliarder DKR) between them, he said. Forgiving debt and increasing aid help, but they are not the answer in the absence of new markets and new jobs, said Leipziger, who also heads the World Banks 900-strong poverty reduction and economic management division.
Kilde: www.worldbank.org
