For Immediate Release
Office of the Press Secretary
June 10, 2004
Fact Sheet: G-8 Leaders' Trade Statement
Presidential Action
G-8 Leaders, led by President Bush, directed their trade ministers,
and called on all WTO members, to put the WTO's Doha trade negotiations
back on track by finalizing framework agreements by July in order to
expeditiously complete these important global negotiations.
Trade and the Global Economy: G-8 Leaders agreed that we face a
moment of strategic economic opportunity: by combining the upturn in
global economic growth with a reduction of worldwide trade barriers
through the WTO's Doha Development Agenda, we can broaden, deepen, and
extend the current economic expansion through the first decade of the
21st Century.
G-8 Trade Statement: G-8 Leaders seized this strategic economic
opportunity by issuing a strong, ambitious statement of support for
expeditiously completing the WTO's Doha negotiations. Specifically,
G-8 Leaders:
* Directed their ministers, and called on all WTO members, to
finalize negotiating frameworks by July;
* Underscored that we are on the verge of an historic
opportunity in the agriculture negotiations and stressed that movement
in agriculture will help generate progress in other core areas of the
Doha negotiations;
* Emphasized the need to focus on the core issues of market
access, which are the drivers of economic growth and development, and
ensure a high level of ambition in all areas of the negotiations; and
* Underscored the importance of expanding trade between
developing countries.
The World Bank estimates that the comprehensive elimination of
global trade barriers could lift 300 million people out of poverty and
result in a $539 billion income gain for developing countries. Roughly
three quarters, or $424 billion, of this gain would be realized through
expanded developing-to-developing country trade.
U.S. Actions: The Bush Administration has consistently been at the
forefront of international efforts to open markets and create economic
opportunity through global trade liberalization:
* U.S. leadership was crucial in successfully launching the
Doha negotiations in November 2001;
* After the WTO Cancun ministerial, APEC Leaders, led by
President Bush, in October 2003 called on a resumption of the Doha
negotiations based on the Cancun text;
* United States Trade Representative Robert Zoellick in
January 2004 sent a letter to his WTO colleagues laying out a "common
sense" approach for the negotiations and encouraging ministers to make
sure 2004 was not a "lost year" for the negotiations;
* Ambassador Zoellick followed up his letter with an
around-the-world trip to consult with over 40 key trade ministers about
how to move the negotiations forward; and
* Today, G-8 Leaders, led by President Bush, issued an
ambitious statement on global trade, directing their ministers to put
the Doha negotiations back on track and expeditiously complete the Doha
Development Agenda.
###
|