News & Insights

NFTC and Other Leading Business Groups Say “Failure is Not an Option”

 

 

Washington DC –­ The National Foreign Trade Council (NFTC) today joined 18 other leading U.S. and international business associations in calling for the restart and successful conclusion of the Doha Round of World Trade Organization (WTO) negotiations. In a statement released today, business associations from around the globe, including North and South America, Asia, Australia and Europe, said, “failure is not an option” with regards to reviving and concluding the negotiations as soon as possible.

 

 

“An ambitious and balanced conclusion to the Doha Round is vital to strengthening the WTO multilateral trading system and advancing global economic growth and development by opening markets and better integrating developing countries into the global economy,” stated Mary Irace, NFTC Vice President of Trade & Export Finance.

 

 

“There is a very narrow window for political leaders to achieve the necessary breakthrough to put these trade talks back on track toward a successful and timely conclusion, which, in turn, will bolster the chances of a timely extension of U.S. trade negotiating authority. The needed core steps are not only well understood, but are also achievable if the United States, EU and other key advanced developing countries demonstrate political leadership,” according to Irace.

 

 

The international business community statement released today noted the rapid timeline necessary for reopening the Doha Round to ensure that talks occur soon and without major delay. “It is now commonly accepted that if negotiations are not reopened soon and the core elements of the Round are not agreed [upon] within the next two to three months, the final window of opportunity for concluding the Doha Round may close,” read the statement.

 

 

The NFTC acknowledged that even if talks are resumed in a swift manner, the Round likely cannot be completed within the timeframe of the current Trade Promotion Authority (TPA). “We are committed to working with Congress in support of legislation to extend TPA to conclude the Doha Round successfully, which is why a breakthrough in the Round is so critical,” said Irace.

 

 

“The NFTC supports a deliberate and swift timeline to restart the Doha Round. The message is clear in the joint business statement issued today that now is the time to make it happen,” continued Irace. “Doha is too important to fail and frankly, as we collectively stated today, failure is simply not an option.”

 

 

Please click here to read the statement.

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Advancing Global Commerce for Over 90 Years

The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.