http://english.pravda.ru/world/europe/28-07-2008/105912-world_trade_organization-0The World Trade Organization continues to give up its spirit. The administration of the organization and trade ministers of world’s leading states have been making attempts to save the organization within the scope of current talks in Geneva. However, the miracle might not happen. Trade has become a synonym to rationality in the course of human history. The organization will be saved if the good of its existence outbalances its losses. Otherwise, they will think of something else.
Technically, the WTO currently holds the Doha round of negotiations. The round optimistically started in November 2001, but time showed very little progress at this point. It became clear in 2003 that it would not be possible to come to an agreement about the formulae to cut subsidies.
The conference in Mexico’s Cancun ended with a complete failure in September 2003. A similar result was achieved in almost two years in Hong Kong: members of the talks agreed to liberate their markets, but everyone had their own opinions regarding the methods of how and to which extent the market liberation should be performed. In July 2006, WTO’s Director General Pascal Lamy stated that the Doha round of negotiations had been suspended. Nowadays, the official believes that it will be possible to improve the situation.
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I agree its doomed and I'm happy about it