HONG KONG, December 15, 2005 - Developing countries are being short-changed by the global trading system, and the current talks in Hong Kong are falling far short of fixing the core problems, according to the World Bank. The Bank's Vice President for Poverty Reduction and Economic Management, Danny Leipziger, said today that urgent action was needed if the Doha Development Round of trade talks was to deliver on its promise for the world's poor. "So far, there has been too much talk about development and too little action," Leipziger said. "The major trading economies of the developed world are keeping the big issues off the table, and as long as that happens, the poor will suffer; they will not get the chance they need to earn more from selling their goods on world markets. “ "In the three days the meetings have taken so far, the rich countries have transferred more than $2 billion to their farmers in various forms of support. In the same period, the 300 million poorest people in Africa have earned less than $1 billion between them.” "The developed world cannot continue to deny the poorest countries trade opportunities," he said. "Forgiving debt and increasing aid help but in the absence of new markets and new jobs, they are not the answer. Only by giving the poorest people a chance to get jobs and generate income will the world become more equitable and more stable.” "Discussing farm subsidies and protection for certain crops and industries may be uncomfortable for many of the countries represented here in Hong Kong. But their discomfort is nothing compared to the suffering of hundreds of millions of people who live on less than a dollar a day. We have to create opportunities for those desperately poor people. Trade is the engine of growth and hope for them. The trade talks can deliver that but, so far, they have disappointed," Leipziger concluded. Trade Deal Still the Best Hope for World’s Poor For additional information please visit the new World Bank Website related to the 6th WTO Ministerial Meeting in Hong Kong at http://www.worldbank.org/trade/hongkong and http://www.worldbank.org/trade/tradeanddoha |
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