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Chen Deming said the talks among key WTO ministers aimed at making a breakthrough in the Doha Round.
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The failure was mainly due to sharp differences on a special safeguard mechanism for agriculture in developing countries... and cotton subsidies offered to farmers by the US. The special safeguards would allow developing countries to raise farm tariffs if imports surge.
Chen Deming said, "India proposed that if imports exceed 115 percent over a base period, it should be allowed to impose safeguard duties. But the US refused anything below a 140 percent trigger. China has fully demonstrated flexibility and constructiveness, so we should not be blamed for the failure."
Chen Deming said the collapse will hurt the world economy, which is already in a downturn. The World Trade Organization said if the talks succeed, 110 billion US dollars in tariffs will be cut around the world and it will benefit the world economy with 50 to 100 billion US dollars. Chen Deming said China hopes the negotiations will resume as soon as possible.
(CCTV August 4, 2008)
