madam president we are facing the greatest economic challenge for a generation and in that challenge both developed and developing countries face difficult and very important decisions
we need a positive effect from globalisation to respond to the negative effects of globalisation
it is my strong belief that wherever we begin to look at what we need to do we will end in the conclusion that completing the multilateral trade round the doha round is of vital importance to us
i probably do not need to remind honourable members of what history teaches us about protectionism the importance of keeping our markets open and the possibility for our businesses to be able to trade across the world
i probably do not need to tell all honourable members that simply within the rules of the world trade organisation if countries moved from applying their tariffs the way that they do at the present time to applying them in the way they are allowed to do under the rules then the cost to trade would be something of the order of eur two hundred and sixty billion
i am sure i do not need to remind honourable members that as the developing nations consider the future they are deeply concerned about what will happen to some of the aid that has been available to them so far
so in terms of where we are we know the value of a deal that is now eighty complete and that in july two thousand and eight eighty of what needed to be done was done
within that agreement the value is of the following order the gains in the developing countries would be of the order of eur twelve fourteen billion annually there would be new access to emerging markets in emerging countries such as china we would have the opportunity in the european union for new exports diversified in new ways for example in chemicals and textiles and in services there is a potential for eur fourteen billion of trade
another fact at the present time is that the non-tariff barriers the non-tax barriers in china alone in two thousand and seven cost european union companies eur twenty billion
this is a hugely important round
i have just returned from davos where discussions between trade ministers reinforced the need to get back to the negotiating table and of course the technical discussions are continuing in geneva
we all wait for the new american administration to review its trade policies as it currently plans to do and to reach the same conclusion that we have reached
we look forward to the g twenty on two april two thousand and nine and the opportunity it affords world leaders in terms of looking to resolve the financial and economic crisis and having the opportunity to discuss again the need to complete the round
then there are the indian elections in april or may which of themselves will be the moment for an existing or a new government to return to this subject
of the outstanding issues that were left on the table there is the special support mechanism which in the end was the issue that prevented the talks from continuing between india and the united states
there are new proposals being considered
a decision is still to be taken on cotton but again there are proposals on the table
for the united states there are real issues about particular sectors
there is no doubt there is still much to do but it is my strong belief that with political will all these issues can be resolved and the alternative is not an option
for us issues around services are very important and will follow on
in conclusion we are at the moment at a particular point where the need to complete this round is very obvious and very clear and i look forward on your behalf as well as that of the commission to continuing my efforts to ensure that we do
