A missed opportunity at the WTO – MoneyWeek

Takethedealfor‘LDCs’(least-developedcountries),whichwassupposedtosetapositivetonefortherestofthetalks。

ThiswasdesignedtohelptheverypoorestcountriesexporttheirproductstotheWest,duty-andquota-free,aspartofsustainabledevelopment。

TheLDCs,afterall,makeuplessthan1%ofallworldtrade。

ButtheUSandJapaninsistedthatthiscouldnotapplytoallproducts。

SoasAdrianoSoaresofActionAidputit,Bangladeshcanexportasmanyofitsnon-existentnuclearsubmarinestotheUSasitwants,butnotthetextilesthatmakeup80%ofitsoverseassales。

Itwouldhavebeen“logical,thoughevenmorehellishforparticipants”,iftheWorldTradeOrganisationandtheEuropeanUnionhadheldtheirsummitsinthesameplaceinthesametime,saidtheFT,“forthecoreissueinbothwasagriculturalprotection”。

Butatleast“adealofsortshasatlastbeendone”,saidGaryDuncaninTheTimes。

The“myopia”shownbyEuropeandtheUSA,however,is“allthemorestriking”giventherapidlyevolvingmapofglobalpower。

NationssuchasChina,Russia,BrazilandIndiaaregrowingfast,andwillsoonovertaketheWest。

Theweekend’s“fudgeddeal”inHongKongis“amissedopportunitytoembraceafuturewecannotavoid”。

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