World Bank President Paul Wolfowitz called on G8 leaders and the heads of Brazil, China, India, Mexico, and South Africa to break the deadlock in Doha round trade negotiations when they convene in St. Petersburg, Russia, on 17 July 2006.
Wolfowitz said the summit, which will include an outreach session with major emerging economies and international organizations, presents a critical chance to advance talks aimed at expanding trade benefits for developing nations. The Doha round was launched in 2001 with a target completion date of December 2004, a deadline that has since been missed repeatedly.
An additional constraint looms: US domestic "fast track" trade authority expires in summer 2007, which would limit the American president's capacity to push a broad deal through a reluctant Congress.
Wolfowitz argued that a successful outcome could eventually add 300 billion dollars annually to global economic output, with developing countries potentially gaining up to 86 billion dollars per year, far exceeding what they receive through bilateral aid programs.
Historical summary. TurkishPress restated this wire report, first published in July 2006, in its own words.