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U.S. markets recover from steep losses
DAVOS, Switzerland, Jan. 30 (UPI) -- The weekend meeting of the World Economic Forum in Switzerland, attended by top trade ministers, has injected hope in world trade talks.
About 25 of the ministers, meeting privately during the WEF meeting in Davos, emerged over the weekend to say that the current Doha round of World Trade Organization talks, declared dead last month in Hong Kong, actually had a pulse, The New York Times said.
And they intend to nurse that faint pulse into a global trading pact.
"They all realize they have to stop digging their tactical, defensive holes," Pascal Lamy, the director general of the WTO, said during a briefing after the session. "It's a change in mindset."
The European Union's trade commissioner, Peter Mandelson, who had expressed pessimism about the likelihood of a deal earlier this week, said there was now "better mood music."
Step No. 1 in resuscitating talks is an April 30 deadline for agreeing to tariff reductions.
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