WTO deal a boon to trade in the Americas, ICC President says
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| Caracas, looking good on the trade front after WTO deal |
Caracas, 30 November, 2001 - ICC President, Richard McCormick has hailed the outcome of the recent WTO meeting in Doha, Qatar as a boon for trade in the Americas and a further signal that US President George W. Bush should soon obtain "fast track" trade negotiating authority.
Speaking in the Venezualan capital, at ICC's annual Latin American Regional Meeting, McCormick told a news conference the Doha decision would encourage further trade liberalisation around the world.
According to Reuters, McCormick added it was encouraging that environmental issues were included in the agreed trade talks agenda.
"I do think the Doha meeting helped President Bush's chances of getting 'fast track'," he said. "I think the fact that the U.S. Trade representative agreed to deal with the environment in the WTO will benefit the chances of us having fast track authority.
"It's not going to be an easy job, but I think it'll be an easier job than it was before,"
The Bush administration is pressing Congress to approve a contentious "trade promotion authority" bill - also known by the older name of "fast track" trade legislation - which would allow the president to negotiate broad new trade agreements.
After months of trying to gather enough support to pass the measure, Republican leaders in the U.S. House of Representatives have scheduled a Dec. 6 vote on the bill.
Following six days of haggling, WTO ministers in Qatar including U.S. Trade Representative Robert Zoellick agreed to wide-ranging trade liberalization talks to begin next year.
This included negotiations on trade and the environment, specifically on the relationship between WTO rules and trade obligations included in international environmental agreements like the Convention on Bio-Diversity.
The president of the ICC, which groups business chambers in 140 countries, added this should help to overcome domestic U.S. opposition to the Bush "fast track" trade negotiation bill.
Disagreement between Republicans and Democrats over how to handle labor and environment concerns has blocked renewal of the trade authority bill since it last expired in 1994.
"I have no predictions about timing but I do predict we will get trade promotion authority in time for us to be effective in the WTO negotiation," McCormick added.
The 142-nation WTO agreed in Doha to launch a new round of negotiations aimed at reducing trade barriers and expanding world markets. The round is set to conclude by Jan. 1, 2005.