Modest progress had been made at WTO Hong Kong Ministerial Level talks, notes Pascal Lamy, Director General, World Trade Organization (WTO).
He was speaking at the South African Institute of International Affairs, yesterday.
South African exports of goods and services had gone up almost 15 percent, GDP by nearly 5 perercent and business confidence index stood at a record level in January 2006, he said.
Lamy elaborated on the progress made during the HK meet in the areas of agriculture (cotton), services and Aid for Trade package.
On cotton, he said it was an important area, "which was considered a litmus test by many, rich countries agreed to eliminate all export subsidies in 2006; they also agreed to make deeper and faster reductions in trade distorting domestic subsidies for cotton than those agreed under the general formula. Finally, rich countries and developing countries wishing to do so agree to provide duty free and quota free access to LDC exports of cotton."
On industrial goods, he viewed it as "apparent that reduction in tariffs would be more favorable to developing countries than the developed countries."
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