TRADE NEGOTIATIONS COMMITTEE
Lamy urges “maximum effort” for July meeting of ministers
Director-General Pascal Lamy, at an informal meeting of the Trade Negotiations Committee on 27 June 2008, urged “maximum effort from everyone over the next weeks” to ensure a productive meeting of a number of ministers scheduled for the week of 21 July 2008. He said the immediate challenge is to make progress that “will provide a basis for improved texts in Agriculture and NAMA”.
Exerpts of speech
The focus now is, as I said earlier, to create convergence on Agriculture and NAMA so that the Chairs can prepare texts for ministerial consideration, either with areas where full convergence has been achieved, or with straight choices for Ministers. This means a very intensive phase of work in these areas which should culminate in the circulation of the revised texts. Obviously once the texts are out, you and your capitals will need some time to consider them. There will also be an opportunity for the full membership to react to them before we move to the final intensive phase of preparing issues for consideration by Ministers.
In particular, I believe that it will be important for me to continue with my process of consultations, which will increase in intensity and move from being more of an information exchange, towards focusing more on the substance of the topics, to adequately prepare for a ministerial discussion. I see these horizontal consultations with ambassadors and Senior Officials as key to proper preparations for a successful outcome.
Now, the timing. We are now at the end of June, so the end of July is in one month. We need a timeline to manage expectations if we are to do the deal in July, and in my view, we have to plan on a number of Ministers meeting here in the week starting 21 July. I would recommend that they be here a couple of days before in order to warm up, have bilaterals and prepare the ground.
In line with the importance we all attach to transparency and inclusiveness, the process that week will follow the pattern that has worked in the past — concentric circles of consultations with constant communication among them. This means that there will be informal meetings at the level of Head of Delegation, which will serve both to guarantee transparency and to help build consensus. I will supplement them with continuing dialogue with the regional and other groups as well as with the green room. Time will also be set aside for Group meetings and consultations.
27 June 2008
Thursday, July 3, 2008
Highlights of China
OVERVIEW
China's economic growth has moderated to a more sustainable pace.
Headline inflation is receding even as non-food price pressures emerge.
Amidst weaker and uncertain global prospects, China's growth will be supported by strong international competitiveness and a robust domestic economy.
On current growth forecasts, there is no need to ease the overall macroeconomic stance, although global uncertainty calls for vigilance and flexibility.
Reducing China's very large external surpluses remains a key policy challenge.
RECENT ECONOMIC DEVELOPMENTS
In line with slower growth elsewhere, China's GDP growth moderated so far in 2008.
The moderation of growth in 2008 in part reflects less buoyant investment.
External trade volumes have decelerated, but sharp increases in import prices are inflating import values.
The large decline in the terms of trade reduced China's trade surplus from a year ago in the first five months.
More detailed external trade data seems consistent with a slowing global economy and a still robust domestic economy.
High food price increases pushed up overall consumer inflation, but the worst of the food price hikes may be over.
Surges in other commodity prices had until recently had less impact on China's consumer prices.
Higher prices of food, oil, and industrial raw commodities have started to spill over into some other prices, although spill-over to core consumer prices has remained limited.
Foreign reserves accumulation breaks new records.
The balance of payment surpluses complicate monetary policy, but money growth remains under control.
Motivated by the need to rebalance the economy and to dampen price pressures, China's RMB has continued its gradual exchange rate appreciation.
China's economic growth has moderated to a more sustainable pace.
Headline inflation is receding even as non-food price pressures emerge.
Amidst weaker and uncertain global prospects, China's growth will be supported by strong international competitiveness and a robust domestic economy.
On current growth forecasts, there is no need to ease the overall macroeconomic stance, although global uncertainty calls for vigilance and flexibility.
Reducing China's very large external surpluses remains a key policy challenge.
RECENT ECONOMIC DEVELOPMENTS
In line with slower growth elsewhere, China's GDP growth moderated so far in 2008.
The moderation of growth in 2008 in part reflects less buoyant investment.
External trade volumes have decelerated, but sharp increases in import prices are inflating import values.
The large decline in the terms of trade reduced China's trade surplus from a year ago in the first five months.
More detailed external trade data seems consistent with a slowing global economy and a still robust domestic economy.
High food price increases pushed up overall consumer inflation, but the worst of the food price hikes may be over.
Surges in other commodity prices had until recently had less impact on China's consumer prices.
Higher prices of food, oil, and industrial raw commodities have started to spill over into some other prices, although spill-over to core consumer prices has remained limited.
Foreign reserves accumulation breaks new records.
The balance of payment surpluses complicate monetary policy, but money growth remains under control.
Motivated by the need to rebalance the economy and to dampen price pressures, China's RMB has continued its gradual exchange rate appreciation.
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