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European Union Prioritizes Multilateral Trade Agreements.
Byline: Somporn Thapanachai
Dec. 2--The number of bilateral free trade agreements is increasing as many countries lose faith in the multilateral trading system under the World Trade Organisation (WTO).
But the 15-nation European Union has firmly withstood this trend by making multilateral trade its top trade policy.
"First priority is multilateral, second priority is regional, then third priority is bilateral trading," said Pascal Lamy, the EU's Trade Commissioner.
An issue currently discussed at the multilateral level is the Doha Development Agenda, or DDA, agreed to at the fourth WTO ministerial conference in the capital of Qatar last November.
The EU regarded the outcome of Doha as satisfactory, as the role of "development" had been put in place to ensure developing members would be heard.
However, critics say no meaningful action has been taken to reflect this development one year later. So WTO members are now working in Geneva to deliver the first concrete action through providing greater access to medicine to treat deadly diseases in poor countries.
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