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Germany urges compromise in world trade talks

22 Jan 2007 15:01:10 GMT
Source: Reuters

BERLIN, Jan 22 (Reuters) - European Union President Germany called on all sides on Monday to be ready to compromise to revive global trade negotiations that broke down last year.

The talks were suspended in July because of disagreement over how much countries should cut protection for farmers.

The negotiations have shown fresh signs of life recently and ministers from around the world will gather in Davos, Switzerland this week for discussions on how to save the talks.

"The chance could present itself at the start of this year to get the stagnated negotiations in the current world trade round moving again," Germany's Economy Ministry said in a statement.

"To achieve this, all parties must be ready for a compromise," it added. "This applies above all to the USA, as well as for strong-growth emerging markets such as India and Brazil. The European Union must also show further flexibility."

Germany holds the EU's rotating presidency for the first half of this year.

Around 30 trade ministers will meet on the sidelines of the annual World Economic Forum in Davos beginning on Wednesday, culminating in a broad trade gathering next Saturday.

Launched in 2001 with the aim of easing poverty around the world as well as helping economic growth, the trade round has suffered several setbacks.

Without a breakthrough in the coming weeks, it could be on hold for several years. U.S. President George W. Bush will lose his "fast-track" powers to approve trade deals in June and the 2008 presidential election will soon dominate U.S. politics.

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Last updated:Mon Jan 22 15:02:46 2007