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Doha Round of multilateral trade negotiations launched in 2001 :-Price of oil - $25 a barrel, Price of rice - $170 a ton- China’s current account surplus – two percent of their GDPIn 2008 ( with changes unfolding ) :-Price of oil - $65 a barrel, Price of rice - $515 a ton-U.S. financial system teetering between socialization andoblivion-With all these changes, governments, Nero-like, dwell on minorissues ignoringburning questions.New economic system :-Doha round collapse after negotiations failed at Geneva-British Prime Minister, Gordon Brown proposed Bretton Woods II-Doha agenda does not respond to challenges imposed byincreasing globalintegration- These challenges have significant global implications that
 
World trade :-Since mid-1990s, world trade grown rapidly (6 percent ayear)-WTO has not adjusted max level of tariffs & otherbarriers-Overall trade flourished, multilateral process thatgoverns tradelanguishedWhy has world trade grown :-Many believe openness promotes long-termdevelopment- Many unilaterally liberalized their regulations on goods &servicesMultilateral process:-These unilateral & regional efforts at liberalization endedup robbing
 
Doha talks resumed in Geneva:
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Richer developing countries proposed reforms that leftaverage tariff ratesfor agricultural goods unchanged, slight reduction formanufacturing goods.( 6.4% to 5.6%)- Supporters of Doha concede goals to lowering tradebarriers modest, argue that real purpose is to providesecurity for trading partners.( to ensure trade policies willnot be reversed )- However Doha talks did not even consider guaranteesagainst states suddenly resorting to punitively high importtariffs.Doha’s limited relevance:
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Groups traditionally at forefront – private corps inintellectual-property, manufacturing, service sectors arenow notable by their absence from this process- Too modest
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