Developing countries group is close to tariff cut deal: diplomats

Negotiators from countries including Argentina, Brazil, India, Indonesia, Egypt and South Korea on Wednesday “agreed on a document to be submitted to the ministers for approval,” said a diplomat.

The agreement would only affect trade among the 22 and is not connected to the broader Doha round of negotiations that aim for a global reduction in trade barriers.

The text that will be discussed next week stipulates a cut of at least 20 percent in tariffs on 70 percent of all products, the diplomat said, adding that countries would determine the final list of products next year.

Ministers will meet next week to go through the text, but the “meeting should not take long,” added the diplomat.

A Latin American diplomat also said the parties had been “intensifying discussions ahead” of the ministerial meeting in Geneva.

“We hope this agreement is going to be reached in the coming days,” she added.

Negotiations began in 2004 among the 22 countries, which do not include South Africa and China.

Ministers from the 153-member states of the WTO are meeting here from next Monday to Wednesday.

Subscribe to The China Post and save 25%. Click here

SharePrintEmail

Write a Comment

Enter your comments - 3000 characters max

Type in image code

Submit

 Receive China Post promos Respond to this email