WB urges Africa to revive trade talks

SINGAPORE – Finance officials from Asia and Africa should use next month’s IMF-World Bank meetings to push for a revival of world trade talks or, alternatively, pursue a trade deal between the two regions, the World Bank said yesterday.

Officials should work towards a multilateral solution that would help reduce Asian barriers to imported goods from Africa, John Page, the World Bank’s chief economist for Africa, told reporters at a news briefing. Asia’s tariffs tend to be higher than those on goods bought from Africa by the European Union and North America, he said.”An alternative is a pan-Asia FTA (free trade agreement) with Africa,” Page said ahead of September’s International Monetary Fund-World Bank meetings in Singapore.The Doha round of world trade talks was suspended in July after a failure to reach agreement on agriculture.”The annual meetings represent a very good opportunity …to form some coalitions that would put some pressure on the trade ministers to get back to the table,” Page said.Page expects that Group of Eight (G8) finance ministers may also release a “forceful” statement about the need to reinvigorate the World Trade Organisation (WTO) talks, while governors from Africa may announce their own objectives on national economic policy and trade issues.The World Bank plans to release a major report on Africa and Asian trade and investment during the annual meetings.World leaders pledged in July to keep Africa’s woes in mind and to track their progress on cutting poverty and supporting development but campaigners say not enough has been done to fulfil G8 pledges of increased assistance made last year.Nampa-ReutersAsia’s tariffs tend to be higher than those on goods bought from Africa by the European Union and North America, he said.”An alternative is a pan-Asia FTA (free trade agreement) with Africa,” Page said ahead of September’s International Monetary Fund-World Bank meetings in Singapore.The Doha round of world trade talks was suspended in July after a failure to reach agreement on agriculture.”The annual meetings represent a very good opportunity …to form some coalitions that would put some pressure on the trade ministers to get back to the table,” Page said.Page expects that Group of Eight (G8) finance ministers may also release a “forceful” statement about the need to reinvigorate the World Trade Organisation (WTO) talks, while governors from Africa may announce their own objectives on national economic policy and trade issues.The World Bank plans to release a major report on Africa and Asian trade and investment during the annual meetings.World leaders pledged in July to keep Africa’s woes in mind and to track their progress on cutting poverty and supporting development but campaigners say not enough has been done to fulfil G8 pledges of increased assistance made last year.Nampa-Reuters