By Max Clarke
A report confirming the importance of the Doha Round of trade agreements has been welcomed by a financial services body, TheCityUK.
“A concerted effort between major advanced and emerging markets can bring real change for services in the Round, from which both developed and developing markets all stand to benefit,” said TheCityUK CEO, Chris Cummings.
The publication of the Final Report of the High Level Trade Experts Group on World Trade and the Doha Round represented a clear call for the completion of the Doha Round of multilateral trade negotiations in order to reap the benefits of ten years of negotiations.
TheCityUK and its predecessor organisations have taken a strong stand on the importance of the Doha Round since its inception, endorsing the High Level Group’s cogent analysis of the benefits the Round will bring. Over the lifetime of the Doha Round trade in services, which comprises financial and professional services, these areas have grown in significance in the UK and globally as their expansion continues.
“We are at a tipping point where the Round can present genuinely new trading services and offer opportunities to build global economic confidence,” continued Cummings.
“Trade policy cannot simply function to reduce or eliminate regulation but must instead provide the greatest degree of harmonisation globally. TheCityUK’s members are clear that the institutional framework for global trade is of vital importance. Political leaders must continue to show and be seen to show their support for the World Trade Organisation and their commitment to promote trade liberalisation.
"In the highly regulated services sectors in which our members operate, this objective is essential, therefore completing the Doha Round will be an important demonstration of that commitment.”