G-7 calls for resumption of Doha Round trade talks

The finance ministers and central bank governors from the G-7 countries closed their two-day meeting here, calling for a resumption of the stalled Doha Round of global trade talks.

In a communique following their meeting, the ministers and bank chiefs urged more trade liberalization and less protectionism.

The Doha Round began at a ministerial-level meeting in Doha, Qatar in 2001, and has been top agenda of subsequent ministerials in Cancun, Mexico (2003), and Hong Kong, China (2005), aiming at removing trade barriers.

The negotiations have been stalled by disputes over farm subsidies and tariffs between the developed nations led by the European Union, the United States and Japan and the major developing countries.

Earlier, speaking of the Doha Round in his speech at the meeting, Chinese Finance Minister Jin Renqing urged the developed nations to realize the special treatment for the developing economies because that this round is for development.

Jin and his counterparts from Brazil, Mexico, India and South Africa also attended the discussion with the ministers from G-7, which comprises Britain, Canada, France, Germany, Italy, Japan and the United States.

Source: Xinhua