DEVELOPING COUNTRIES participating at the just-concluded Commonwealth Heads of Government Meeting in Valleta, Malta, believe they have reached consensus on trade with their developed world counterparts, according to a statement from the Office of the Prime Minister (OPM).
Concern was expressed by developing countries about development challenges, particularly in relation to countries dependent on preferential trade agreements.
They called on the European Union (EU) to give greater financial compensation to countries affected by its termination of preferential trading agreements for bananas and sugar.
PROPORTIONATE COMPENSATION
The heads of the developing nations said such compensation should be proportionate to EU sugar producers who are to receive US$7 billion. African, Caribbean and Pacific producers are currently expected to get just US$47 million.
"We have consistently highlighted the need for greater equity and market access in international trade," said Prime Minister P.J. Patterson, who also carries responsibility for CARICOM external negotiations.
The 53 Commonwealth nations reaffirmed their commitment to the objectives of the Doha Development Round, due for completion at the end of 2006, and the World Trade Organisation (WTO). They instructed their delegations to December's ministerial conference in Hong Kong to prioritise development in the negotiations.
