WTO ministers look to capitalise on new optimism

0 Comments | AFP, July, 2008

GENEVA (AFP) — A new sense of optimism surrounded WTO negotiations on a new global trade pact Saturday amid hopes of a breakthrough after seven years of deadlock.

Key deal-makers said most of the 35 leading trading nations meeting here have bridged their differences, but fears remained that emerging market countries India and Argentina could ruin the upbeat mood.

"I think the situation looks strong. I think we can be very hopeful now," said European Trade Commissioner Peter Mandelson as he left talks late on Friday.

"What is emerging is a deal that is not perfect, not beautiful, but is good for the global economy and good for development."

Ministers from 35 leading economies have been meeting here all week to discuss reductions in subsidies and...