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IMF, World Bank urge renewing progress on WTO talks
Washington, Nov 21: The chiefs of the International Monetary Fund and the World Bank today called for renewed efforts for the progress on world trade talks.
Washington, Nov 21: The chiefs of the International Monetary Fund and the World Bank today called for renewed efforts for the progress on world trade talks.
In a letter to heads of government of all member countries, IMF managing director Horst Kwhler and World Bank president James D Wolfensohn said, "We cannot allow the impasse at Cancun to dash the hopes vested in the Doha agenda."
"On the contrary, this setback challenges statesmen to rise above entrenched negotiating positions and create the necessary conditions for a successful conclusion of the round," they said. The two officials emphasised the centrality of multilateral trade liberalisation to growth and prosperity over the past 50 years and stressed that expanding trade by collectively reducing barriers is the single most powerful tool that countries, working together, can deploy to reduce poverty and raise living standards.
"We believe that the talks must be based on the common understanding that liberalisation over time will benefit all countries." "Trade liberalisation is not a 'concession,' but a step towards helping to promote opportunity and productivity that benefits the society that takes it," they said.
In the letter, the World Bank and the IMF reaffirmed their commitment to help member countries to take full advantage of the opportunities of more open trade and to also help them manage the risks. Bureau Report
"On the contrary, this setback challenges statesmen to rise above entrenched negotiating positions and create the necessary conditions for a successful conclusion of the round," they said. The two officials emphasised the centrality of multilateral trade liberalisation to growth and prosperity over the past 50 years and stressed that expanding trade by collectively reducing barriers is the single most powerful tool that countries, working together, can deploy to reduce poverty and raise living standards.
"We believe that the talks must be based on the common understanding that liberalisation over time will benefit all countries." "Trade liberalisation is not a 'concession,' but a step towards helping to promote opportunity and productivity that benefits the society that takes it," they said.
In the letter, the World Bank and the IMF reaffirmed their commitment to help member countries to take full advantage of the opportunities of more open trade and to also help them manage the risks. Bureau Report