Saturday, November 5, 2011

Gillard wins #G20 deal on trade talks

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Australia has secured a big victory at the G20 meeting in the French Riviera city of Cannes, winning support for an innovative way to revive the long-stalled world trade talks.

Prime Minister Julia Gillard proposed that rather than letting the decade-old Doha talks stagnate until every nation was on board, it should be segmented into areas where nations could strike agreement.

It was an idea she first raised at the Commonwealth Heads of Government Meeting's business forum in Perth last week and one that has been developed by Trade Minister Craig Emerson.

G20 leaders agreed to the strategy outlined by the Australian delegation after conceding Doha had reached an impasse.

They instructed their trade ministers to adopt the new approach at the World Trade Organisation's ministerial meeting in mid-December.

Ms Gillard also secured commitments from G20 nations to avoid increased protectionism until the end of 2013, similar to her demands at CHOGM last week that Commonwealth countries avoid retreating behind tariff barriers.

Posted via email from The Left Hack

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