Chancellor Gordon Brown teamed up with the current US Secretary of Treasury, Henry Paulson, last weekend to perform their last endeavor in reviving the stalled global trade mediation. Brown said that saving the postponed global trade conference was possible after his meeting with his US partner in the International Monetary Fund (IMF) meeting, which is held in Singapore.
Brown, who was also the chairperson of the IMF conference that was held last week stated that finance leaders from the four corners of the globe were motivated to settle a solid agreement regarding the global trade meeting. The said Chancellor have positive views about the said meeting now that economic leaders have seen a path toward the restart of the trade rounds, and that they have seen the essence of having a trade deal as well as the value of achieving it as soon as possible.
He also added that it is his first time to witness a conference of leaders from member nations of the IMF that are so eager in aiming a conclusion for the trade meeting. Moreover, he added that the finance leaders are not only keen about reviving the said global trade talks, but also in achieving a firm decision regarding the multilateral market issue within this year.
The schedule for clinching a possible conclusion for the stalled global trade round is superbly tight. Any probable decision made requires an accreditation from the US Congress earlier than next June before US President George Bush misses his authority in securing an agreement for approval.
On the other hand, Treasury Secretary Paulson discussed the essence of the revival of the global trade talks, and the opportunities of succeeding. Paulson is putting all his might toward the success of the meeting's revival. He also cleared that his being the new secretary of treasury does not mean that he will include new adjustments in the trade deal. But he pointed out that the US might earn concessions from the Congress if they get a possible deal.
Moreover, Chancellor Brown said that the World Trade Organization (WTO) director-general Pascal Lamy will be in the post to make some measures regarding the restart of the postponed global trade talks. However, the WTO made a warning as a reply to IMF's statement regarding the push through of the global trade conference. WTO said that it will make sure that the pressure on the members of WTO will still be applied so they can all return to the trade negotiation table. The said organization also added that it is very essential for the leaders positive intentions in restarting the said talk. But, such intentions must be morphed into actions, therefore, the finance leaders need to act.
On the contrary, Kamal Nath, the Commerce Minister of India, fanned the flame of skepticism over the global trade rounds. He commented that the Indians will be very frugal with their lands for the country to stand in welcoming farm product imports. India is said to be among the many hindrances in the continuation of the global trade meeting.
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