Asian leaders urged to spearhead world trade talks
10/08/2008 | 07:29 PM
MANILA, Philippines - A senior executive of the Asian Development Bank (ADB) on Wednesday urged Asian leaders to spearhead the revival of the World Trade Organization negotiations as a way to spur economic activity at a time of a global slowdown.
Rajat Nag, ADB managing director, told reporters that with the entire region projected to grow 7.5 percent this year, Asia must show leadership in the face of a challenging economic condition globally.
“It is time for Asia to press for the speedier conclusion of the World Trade Organization talks," he said.
The WTO negotiations collapsed in July this year following an “impasse when the US, India and China refused to compromise over measures to protect farmers in developing countries from greater liberalization of trade."
However, Nag remained confident that there will be no riots in Asian countries owing to the US recession.
Much of Asia’s exports are being sold to the world’s largest economy.
But Nag said he was surprised that the markets remained jittery even with the approval of a $700-billion bailout plan in the US.
“This is a crisis of confidence. It is important not to over-react but also important not to ignore these developments," he said. - Cheryl M. Arcibal, GMANews.TV
Rajat Nag, ADB managing director, told reporters that with the entire region projected to grow 7.5 percent this year, Asia must show leadership in the face of a challenging economic condition globally.
“It is time for Asia to press for the speedier conclusion of the World Trade Organization talks," he said.
The WTO negotiations collapsed in July this year following an “impasse when the US, India and China refused to compromise over measures to protect farmers in developing countries from greater liberalization of trade."
However, Nag remained confident that there will be no riots in Asian countries owing to the US recession.
Much of Asia’s exports are being sold to the world’s largest economy.
But Nag said he was surprised that the markets remained jittery even with the approval of a $700-billion bailout plan in the US.
“This is a crisis of confidence. It is important not to over-react but also important not to ignore these developments," he said. - Cheryl M. Arcibal, GMANews.TV
