Where do the World trade talks fit in to poverty reduction developing countries?
• In July 2004, the latest round of World Trade talks took place in Geneva, as a follow up to the World Trade talks which broke down in Cancun in 2003. • The WTO initiated the talks in 2001, so that trade ministers from the WTOs 147 member governments could negotiate global rules of trade between nations. • At these talks, multilateral agreements are signed by governments on behalf of a countries producers of goods and services, exporters, and importers, to enable them to better conduct their business. The agreements are legally binding after ratification in parliament. • The WTO talks are critical for poverty reduction in developing countries since the removal of barriers and tarrifs on imports and exports can help the developing countries compete more fairly with their developed country counterparts. • The key outcome of the Geneva talks was an agreement by the wealthy countries to cut subsidies given to farmers for exports, as well as lower tariff barriers on imports. • Developing c
