WTO negotiations stranded

“It is most regrettable that the negotiations on a new WTO agreement appear to have stranded,” said Foreign Minister Jonas Gahr Støre, commenting on the news that the negotiations would be suspended indefinitely following last weekend’s unsuccessful meetings between the G6 countries (US, EU, Brazil, India, Japan and Australia).

The Foreign Minister pointed out that agreement between the six key players in the WTO is necessary — though not sufficient — for the round to succeed, and that this places great responsibility on these six actors, which together account for about three quarters of global trade.

“Given the grave international situation we are facing, it is particularly regrettable that the world’s major trading countries are not able to agree on a new WTO agreement. We cannot simply sit back and watch this happen. Norway will therefore actively promote the resumption of negotiations,” said Mr Støre.

“The fight against global poverty will be set back if the negotiations are suspended for a long time. Results that have already been achieved, like the elimination of export subsidies on agricultural products, and duty- and quota-free access for 97 per cent of all goods imported from the least developed countries, could now come to nothing. New market opportunities resulting from reduced tariffs and subsidies will not materialise. Both Norway and the developing countries need predictable, up-to-date rules for international trade, for example up-to-date anti-dumping rules. A weakened multilateral trade regime is not in our interests,” said the Foreign Minister.

Due to the turn the negotiations have taken, Foreign Minister Støre will not travel to Geneva, as previously announced, for meetings with the G10 countries.