Bush Calls For Elimination Of All Barriers To Trade

by Glen Shapiro, LawAndTax-News.com, New York

16 September 2005

Speaking on Wednesday at the UN summit in New York, President Bush pledged to remove all barriers to free trade if other countries do so too.

Commenting on the desired outcome of the World Trade Organisation's Doha talks, the US president announced that:

"The United States is ready to eliminate all tariffs, subsidies and other barriers to free flow of goods and services as other nations do the same.

He added that:

"The elimination of trade barriers could lift hundreds of millions of people out of poverty over the next 15 years."

Also speaking on Wednesday, Treasury Secretary, John Snow observed that:

"This challenge calls upon all nations to take strong actions that will benefit the global economy, most of all developing countries, by bringing critical opportunities for growth and job creation to economies around the world."

"Trade in services in particular can greatly benefit developing countries, providing knowledge and infrastructure to facilitate economic growth and create jobs. In fact, services liberalization enhances and multiplies the gains made from liberalizing trade in goods and agriculture."

"The benefits of a modern services sector spread across an entire economy, touching every producer, transaction and consumer. This is especially true in the case of financial services. The financial sector is the backbone of a modern economy. An efficient, well-regulated financial sector is a key element for achieving economic growth and stability in developing countries. While there are many ways to strengthen financial sectors, the fastest way to boost competition and efficiency is to introduce the best practices of world-class financial institutions."

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