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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: RealMuLan	1/17/2005 11:27:00 PM
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Consensus approach to negotiations needs to be scrapped to ensure progress Study urges overhaul of WTO January 18, 2005 By Jonathan Fowler Geneva - World Trade Organisation (WTO) members should consider overhauling the way they held negotiations in the body that sets the rules of global commerce, a panel of leading experts said yesterday. The study, commissioned by WTO director-general Supachai Panitchpakdi in 2003, also raised concerns that a proliferation of regional trading blocs - including the North American free trade agreement, the EU and South America's Mercosur - was undermining progress on a far-reaching global trade liberalisation accord. The report is entitled The Future of the WTO. The eight-member independent panel that wrote it was led by Peter Sutherland, the first head of the WTO when it was created in 1995 out of the looser General Agreement on Tariffs and Trade. The panel, which included former Brazilian foreign minister Celso Lafer, was composed largely of key academics from different countries, ranging from Ghana to the US. "This new organisation became a symbol of the emergence of a more global economic system, drawing criticism and praise alike," Supachai wrote in his introduction to the 86-page study. The 148-nation WTO was at a crucial stage in its short history, Supachai noted. businessreport.co.za

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