Doha Setback Casts Shadow on Global Economy

Doha Setback Casts Shadow on Global Economy

Donohue Calls for Leadership from Key Countries

WASHINGTON, D.C.–-U.S. Chamber of Commerce President and CEO Tom Donohue issued the following statement about today's setback in the World Trade Organization's Doha Round negotiations:

"The breakdown of these talks is bad news for the world's businesses, workers, farmers and most importantly the poor.

"It's ironic that this blow to the Doha Round came from two of the chief beneficiaries of worldwide trade. India and China are emerging powers, but with great power comes great responsibility. They missed an opportunity to show leadership as key players in the global trading system.

"U.S. farm subsidies have been blamed for every imaginable woe but the common cold. But when the chance came to put a serious limit on them, India and China wouldn't pay even a modest price for it.

"The real losers today are the world's poorest countries, whose citizens understand that expanding trade is the right path toward growth. We must all work to limit the damage this setback will have across the global economy.

"The U.S. team has been negotiating with great seriousness of purpose and Ambassador Susan Schwab deserves to be commended for her leadership.

"In the coming weeks, world leaders must reflect on this setback. Emerging nations must come together and demonstrate their shared responsibility toward the global trading system that is lifting their citizens from poverty."

www.uschamber.com

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