
HONG KONG, Dec. 18 (UPI) -- Trade ministers in Hong Kong agreed on key agricultural issues in a global trade pact to eliminate trade barriers to the world's poorest nations.
Pascal Lamy, Head of the World Trade Organization, and trade ministers agreed that modest progress had been made to salvage global trade talks that were feared to be doomed. But while ministers applauded efforts by members to make progress on vital issues in agricultural negotiations, they quickly hastened to add that much work laid ahead in the coming months to secure a successful Doha round.
"Today we can be sure we are heading into the right direction," said Lamy. "We managed to put the round back on track, after a long hibernation. But we are not there yet."
Ministers pledged at the close of this week's ministerial meeting in Hong Kong to reconvene by April 30 to establish exact formulas for tariff reductions on agricultural and non-agricultural market access.
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