Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Collapse of WTO Talks - Damn shame not a disaster

Collapse of WTO Talks - Damn shame but not a disaster

It's a damn shame said Trade Liberalisation Executive Director Suse Reynolds reacting to the collapse of the Ministerial talks in Cancun, Mexico this morning.

"We are witnessing two factors at work - a trade round in its relative infancy and the ascendancy of developing countries," she said. "The Doha Round is barely two years old. It was always an ambitious target to conclude the round by the beginning of 2005.

Not at all unusual for trade rounds to go to the precipice and come back from the brink.

"The Uruguay Round took eight years to conclude with a couple of these sorts of set backs.

"We need to bear in mind too that with elections pending in both the US and EU in the next year there is very little political will to take tough decisions at this time.

"If we look at developing countries, they now make up over 80% of the WTO's membership and are determined not to be pushed around. In the past the EU and US could broker deals which were able to foist on the rest of the membership. That's no longer possible and it's a healthy development. "However its taking both trading super powers longer than it should to come to terms with that reality," said Suse Reynolds.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>


Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>