| Pascal Lamy, the director general of the World Trade | | | | markets. Moreover, Wolfowitz added that developing |
| Organization (WTO), stated in an interview that the | | | | nations like Japan and India must remove the trade |
| global trade agreement is a quantum leap onward for | | | | barriers so the multilateral market will progress. |
| the international economy. Lamy recently made the | | | | Meanwhile, Rodrigo de Rato, the managing director of |
| said statement in a speech at a conference of global | | | | the International Monetary Fund (IMF) said that the |
| trade leaders in Northern Australia. The said meeting | | | | international economy may suffer in the absence of |
| was attended by almost 19 nations including the | | | | the settlement in the global trade. He said that the |
| United States. He also added that the suspension of | | | | trade rounds can help stimulate prosperity and reduce |
| the trade round was an unfortunate event. | | | | poverty. Rato also stated that if ever a deal was not |
| The said WTO global trade talks was stalled on July | | | | meet, the possibilities for economic growth will be |
| wherein the mediation wavered because of | | | | lower. Rato met with several financial leaders in the |
| misunderstandings over the agricultural industry. It | | | | IMF-World Bank annual conference in Singapore. |
| must be noted that the United States wanted cuts | | | | Henry Paulson, the U.S. Secretary of Treasury said |
| and tariffs on the farm subsidies of Japan, EU, and | | | | that the global inequalities are a threat to the growth |
| India. But on the contrary, it declines the demands of | | | | of the international trade. |
| other nations to reduce its subsidies. Economic | | | | Rato also included in his speech the appeal of the IMF |
| leaders and finance ministers who attended the | | | | to China wherein he made an appeal for the Asian |
| conference in Australia are going to devise a plan for | | | | nation to strengthen its currency not only for the |
| the EU to reduce its subsidies for their farms by five | | | | stability of the global trade but also for the growth |
| percent. Aside from that, they will also discuss plans | | | | of its own economy. He stated that the said nation |
| of cutting almost $5bn in the US farm subsidies. | | | | must exercise its flexible exchange rate that it has |
| Lamy also made an appeal to member nations of the | | | | given itself last year. |
| WTO to advocate the political drive that is necessary | | | | The said WTO global trade rounds in Doha were |
| in restarting of the delayed global trade rounds in | | | | conceptualized to make nations agree on decreasing |
| Doha a couple of months ago. Moreover, Paul | | | | tariffs, subsidizing agricultural cuts, and promoting |
| Wolfowitz, the president of the Word Bank stated | | | | other measures to motivate the global trade. |
| that financial leaders and economic ministers alike | | | | However, the proposition made by the attending |
| should be open-minded to modern ideas, and should | | | | nations descended back to their first endeavors. |
| realized that even the parties of the said trade deal | | | | Member nations in the mentioned stalled conference |
| should make a compromise. He emphasized that US | | | | rounds bickered over the tariffs and subsidies in |
| must accept support on farms, and the EU should | | | | agriculture and industrial products. |
| minimize the hindrances that block access in their | | | | |