G8 Leaders' Trade Statement
June 10, 2004
G8 Leaders, led by President Bush, directed their trade ministers, and called on all WTO members, to put the WTO's Doha trade negotiations back on track by finalizing framework agreements by July in order to expeditiously complete these important global negotiations.
Trade and the Global Economy: G8 Leaders agreed that we face a moment of strategic economic opportunity: by combining the upturn in global economic growth with a reduction of worldwide trade barriers through the WTO's Doha Development Agenda, we can broaden, deepen, and extend the current economic expansion through the first decade of the 21 st Century.
G8 Trade Statement: G8 Leaders seized this strategic economic opportunity by issuing a strong, ambitious statement of support for expeditiously completing the WTO's Doha negotiations. Specifically, G8 Leaders:
The World Bank estimates that the comprehensive elimination of global trade barriers could lift 300 million people out of poverty and result in a $539 billion income gain for developing countries. Roughly three quarters, or $424 billion, of this gain would be realized through expanded developing-to-developing country trade.
U.S. Actions: The Bush Administration has consistently been at the forefront of international efforts to open markets and create economic opportunity through global trade liberalization:
For the complete G8 document on this issue, please click here.
Source: Official G8 Sea Island site
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