Key players in the world economic arena emphasized the importance of Doha Round negotiations for the world trade system at the ongoing G20 ministerial meeting, which opened Saturday.

Almost all of them, however, are worried about whether the negotiations could be concluded by the end of the year.

"Unless serious concessions are made by all sides -- developing countries as well as developed countries, Europe, the United States, Japan, everyone -- the Doha Round of trade talks will failand the people who will suffer the most are the poor people of the world," said World Bank President Mr. Paul Wolfowitz .

The Doha Development Agenda (DDA), or the declaration reached at the November 2001 Ministerial Conference in Doha, Qatar, provides the mandate for negotiations on a range of subjects and other work, including topics on agriculture, non-agricultural market access, services, development and trade facilitation.

When previous trade ministerial meeting failed to reach consensus on the DDA, all eyes now turn to the next meeting, due to be held in Hong Kong of China in December.

Rodrigo de Rato, managing director of the International Monetary Fund, viewed the prospects of the talks from protectionism. "We see the danger of increased protectionism in the world. To avoid that, certain countries are to address some ofthe problems," he said.

Certain proposals put on the table by the United States, the G20, and the European Union "look promising" for" they are especially a good starting point for a series of negotiations to take place before the end of November."

"We certainly join our voices with all those on the urgency of getting an agreement regarding the multilateral liberalization of the world trade," he said.

Chinese President Hu Jintao also called for improving international economic and trading regimes and rules when addressing the opening ceremony.

"The development of the multilateral trading system is now at acrucial stage," he told financial ministers and central bank governors from all seven industrial countries and emerging market countries.

"The outcome of the Doha Round will have a direct impact on promoting the balanced and orderly world economic development," hesaid.

China is ready to continue its consultation and cooperation with all parties concerned and work hard for the conclusion of the Doha Round, he said, stressing that what China anticipated is an "comprehensive and balanced outcome".

Source: Xinhua