US wary of doha deal, world bank says go for it
WASHINGTON — The United States will not agree to a deal in world trade talks unless other countries make better offers to open their markets, two US trade nominees said on Wednesday.
But a forthcoming study from the World Bank argued that proposals now on the table in the Doha round would bring huge gains to the world economy and World Trade Organisation members should stop quibbling over further concessions.
"I believe a good deal is doable. But we will not do a deal at any cost," Michael Punke, President Barack Obama’s choice to be US ambassador to the World Trade Organisation, said at a Senate Finance Committee hearing on his nomination.
"From my meetings and conversations with members (of Congress), with your staffs and with various stakeholder groups, I understand very clearly: No deal is better than a bad deal," Punke said in prepared remarks.
US officials have made it clear they want big emerging countries like Brazil, India and China to open their markets more to American businesses for a deal to work.
But there are important benefits from a deal that locked in trade opening already undertaken unilaterally by countries, to prevent them reversing the moves as the crisis fuels protectionism, Bernard Hoekman, one of the authors of the World Bank study, told a presentation at the WTO.
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