A Chinese high-level finance official on Saturday called on the Group of Eight (G8) leading industrial nations to play a more active role in moving forward the Doha round of trade talks.

 

China's Vice Minister of Finance Li Yong and finance officials from rising economies of India, Brazil and South Africa discussed global economic growth and trade with G8 finance ministers at a G8 meeting in Moscow.

 

China believes efforts should be made to build on the achievements of the World Trade Organization Ministerial Meeting held in Hong Kong in December 2005, and move forward the Doha Round of trade talks toward a comprehensive and balanced agreement, Li told the G8 finance ministers.

 

While providing aid for trade to developing countries, developed countries should take the lead in reducing tariffs on agricultural products and farm subsidies, enhancing market access, improving the trade environment and implementing special and differentiated policies for developing countries, Li said.

 

The participants at the discussion agreed that global economic growth remains stable but still faces many challenges. In particular, the next phase of the Doha Round talks could have great impact on the sustained, stable growth of the global economy, the improvement of the multilateral trading system and the global efforts to reduce poverty, they said.

 

The participants noted the progress made at the Hong Kong Ministerial Meeting in December 2005 in reducing farm export subsidies, the cotton issue, the abolishment of tariffs and quotas for the world's least developed countries, and developed countries' commitments to increasing aid for trade to developing countries.

 

But, the participants said, differences remain, including over such core issues as agriculture and market access for non-agricultural products. They urged participating countries in the trade talks to show a greater political resolve to complete the Doha Round by the end of 2006.

 

(Xinhua News Agency February 13, 2006)