Wolfowitz urges trade breakthrough at G8

Leaders of the world's most powerful industrialised and developing countries must break the trade talks impasse at a summit in…

Leaders of the world's most powerful industrialised and developing countries must break the trade talks impasse at a summit in Russia next week, World Bank President Paul Wolfowitz wrote in a letter to each leader.

"With time running out, our collective efforts can make the difference," he said in a letter sent on Friday to leaders of the Group of Eight rich industrialised nations and five major developing economies due to meet in St. Petersburg on July 17th.

The meeting of leaders from the United States, Japan, Germany, Britain, France, Italy, Canada and Russia comes two weeks after trade ministers met in Geneva but failed to resolve any differences over farm and industrial goods which, along with services, make up the three pillars of the talks.

"We can work to lift millions from poverty, boost developing country income, improve global market access and reduce taxpayer and consumer costs for all, or allow the whole effort to collapse, with harm to everyone," Mr Wolfowitz wrote.

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The meetings begin on July 15th and end on July 17th, when the leaders of China, Brazil, India, South Africa, Mexico, the African Union and international organisations are scheduled to meet with their Group of Eight counterparts - the G8 plus 5.

The so-called Doha development round started almost five years ago with a mandate of lifting millions of people out of poverty through freer trade and enhanced global growth.

Poorer nations have long insisted that richer countries must open their agriculture markets before they will open their industrial and services markets.

Mr Wolfowitz called on all sides to make further concessions.