WORLD leaders on Friday called for the rapid conclusion of a global free trade deal, saying this would amount to a cost-free stimulus for the economy.
British Prime Minister David Cameron told the Davos gathering of business and political elite: ‘This is a stimulus that doesn’t cost money, so it’s a stimulus that we need.’
Sharing the same panel, German Chancellor Angela Merkel added: ‘The cheapest way to boost our competitiveness… is free trade.’
Launched in the Qatari capital a decade ago, the Doha Round of talks have foundered amid disagreements between developed and developing nations on cuts to be imposed on tariffs of industrial goods and agriculture subsidies.
Mr Cameron made a strong push for negotiators to move towards a deal this year before the next annual Davos meeting, saying: ‘If we come back and we’re still talking about it, then I think that would be hopeless… I do believe that this can be done. If everyone puts a bit more on the table and make the deal a bit bigger then this can happen. This has to be the year in which it happens, we cannot go on after a decade with another year.’
‘So there is no ‘later’ as far as I’m concerned. No one should hold anything back for future negotiations.’ The British PM said earlier in a separate session that 2011 is a ‘make or break year’ on concluding the WTO Doha Round.