HK commerce official appeals for EU leadership in WTO conference

A senior commerce official Wednesday called for strong leadership from the European Union for attaining meaningful outcomes in the upcoming WTO Ministerial Conference (MC6) to be held here.

Hong Kong's Secretary for Commerce, Industry & Technology John Tsang made the appeal at a luncheon on EU-HK trade and business cooperation hosted by the Office of the European Commission in Hong Kong.

Noting MC6 is a major milestone on the road to global trade liberalization, he said the EU is a key player in the process.

"We are encouraged by recent positive efforts of the EU in cultivating understanding on the key issues with the US as well as with other key WTO members," he said.

The EU can play a part in advancing the process by exercising influence on its governments, impressing upon them the benefits that EU businesses will derive from a successful Doha Round, Tsang said.

He said agriculture remained the major hurdle in this round of negotiations. WTO members are looking to the EU and the United States to spearhead liberalization in their various agricultural support measures.

"Movement in agriculture is the key to unlock progress in other areas, such as services and industrial tariffs. But the hard fact is that we have 10 weeks before MC6. It is a big task, but Hong Kong, as host, will do everything possible to produce a positive outcome," Tsang said.

He said it had been estimated the world economy could be boosted by some 600 billion US dollars if trade barriers in agriculture, manufacturing and services trade were cut by a third. A successful conclusion to the round could potentially lift 140 million people out of poverty.

Source: Xinhua