The coming months will see intense negotiations between World Trade Organisation members to achieve a breakthrough in the Doha Round of world trade talks by the end of July this year.
Such a breakthrough will help in the successful conclusion of the round by the end of 2007, as resolved by the trade ministers of G-6 countries on Thursday.
"We are in an advanced stage of negotiations. A positive result is possible and within reach and a consensus on the modalities by July is a real possibility," said Celso Amorim, Brazilian minister of external relations and trade, at a Confederation of Indian Industry meeting here today.
According to a government official who participated in the G-6 meeting, no specific numbers were discussed during the course of the discussions. "The ministers mostly discussed how to go about giving the negotiations an impetus," the official said.
India and the WTO: News and Issues
The official added that there would be a series of meetings in the next three months, both at the ministerial level as well as between officials, on the Doha round. The G-6 is likely to meet again within a month in Tokyo or Canberra.
In addition, the US delegation, lead by United States Trade Representative Susan Schwab, also assured the participants that a new legislation extending the tenure of the Trade Promotion Authority in the US should be ready by September this year.
The authority gives the US administration powers to conduct fast-track trade negotiations. The current authority's tenure is set to expire by the end of June.
