Trade ministers from around the world have agreed an agenda for a new round of global trade negotiations at the World Trade Organisation summit in Qatar.
Following a night of intensive negotiations which saw the time limit for completion of the talks extended, ministers agreed terms for their next meeting which WTO director-general Mr Mike Moore believed was essential to prevent a global recession.
The Minister for Trade and Consumer Affairs, Mr Tom Kitt, this evening described the agreement "as a major shot in the arm for the world economy and Ireland, in particular".
"Following on from the failure of the Seattle talks two years ago, there was clearly an added importance to reaching an agreement here," said Mr Kitt.
"This is also good news for the developing economies which will now be able to take advantage of an expanding world market for their produce," he added.
"The agreement reached in Doha on the accession of China to the WTO will add a market of 1.2 billion people to the global trading economy which can now build on the success of this achievement. It is really very difficult to exaggerate the importance of what has been achieved by this past week of talks".
Britain’s Trade and Industry Secretary Ms Patricia Hewitt said ministers had made it clear that medicines will be available in countries devastated by diseases like HIV/AIDS, TB and malaria without undermining incentives to companies to develop new drugs.
The Minister for Agriculture, Mr Walsh, also atended the meeting on Ireland’s behalf where the terms for discussing the easing of tarriffs on agricultural products were agreed.
China and Chinese Taipei were also admitted to the WTO, with minsters welcoming the opportunities created by the liberalisation of a market with 1.2 billion people.
Approval for the talks came after six days of hard bargaining at the conference in Doha, capital of the Gulf state of Qatar.
additional reporting PA