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APEC MINISTERS TO MEET AMIDST CRITICAL PERIOD IN TRADE TALKS.
CANBERRA, July 2 Asia Pulse - Asia-Pacific trade ministers are meeting in Cairns this week in what is shaping up as a critical juncture in world trade talks.
Trade Minister Warren Truss will this Thursday begin hosting a two-day meeting of trade ministers and senior officials from the 21 Asia-Pacific Economic Cooperation (APEC) economies.
The meeting comes less than a fortnight after the collapse of what were seen as crucial world trade discussions involving the European Union, the United States, Brazil and India, the so-called Group of Four (G4) nations.
India and Brazil walked out of the talks in Potsdam, Germany, which observers had hoped would kick-start the moribund, six-year-old Doha round of the World Trade Organisation (WTO).
The US and EU, representing industrialised nations, and Brazil and India, there on behalf of emerging economies, were unable to agree on how much to cut farm subsidies and industrial tariffs.
WTO chief Pascal Lamy has warned that without a breakthrough soon, the Doha round could at worst fail altogether or may have to be put on hold for many years before there is sufficient momentum to begin again.
Mr Truss believes the APEC meeting will come at an opportune time as the 150 WTO members seek to reach a draft deal by August.
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Source: HighBeam Research, APEC MINISTERS TO MEET AMIDST CRITICAL PERIOD IN TRADE TALKS.