Rich Economies Eye Deal Outside Doha

Washington, December 12 (QNA) - A small group of governments including the US and European Union are exploring the possibility of an agreement among themselves on services trade, a sign of rising despair at the stasis in global trade talks. The so-called "plurilateral" services agreement would probably include only a handful of governments, all from rich countries, reported the Financial Times Monday. The deal, although it could be concluded under the aegis of the World Trade Organisation, would mark a significant retreat from the multilateral principle that WTO member governments offer the same trade benefits to all other members. Though it would be free to any country to join, most developing countries are likely to be too protective of their domestic service industries to open them up to international competition,the report said. Trade ministers gathering this week at the WTO in Geneva for their two-yearly full meeting have accepted that the Doha round of multilateral trade talks, begun in 2001, has stalled. Apart from welcoming Russia to the WTO the last big economy outside the organisation the meeting will focus on new approaches to liberalising trade. A draft proposal for services negotiations, seen by the Financial Times, suggests "a fast-track option for liberalisation for those prepared to move quickly" and mentions financial services, shipping, professional services and arrangements for senior executives and skilled employees to make temporary visits to each other s countries.(QNA)