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Multilateral process:
- These unilateral & regional efforts at liberalization ended
up robbing
Doha talks resumed in Geneva:
- Richer developing countries proposed reforms that left
average tariff rates
for agricultural goods unchanged, slight reduction for
manufacturing goods.( 6.4% to 5.6%)
- Supporters of Doha concede goals to lowering trade
barriers modest, argue that real purpose is to provide
security for trading partners.( to ensure trade policies will
not be reversed )
- However Doha talks did not even consider guarantees
against states suddenly resorting to punitively high import
tariffs.
• New trade rules should target cartels – E.g.: Drafting new rules on
global energy trade, outlaw collusions on supply quotas
• Problem of undervaluation of major currencies,
especially the yuan.