Press release 18 July 2008
Ministry for Foreign Affairs

Over SEK 160 billion in the pot when the EU meet ahead of the trade summit

Today, Friday 18 July, Minister for Trade Ewa Björling will take part in an extraordinary Council meeting in Brussels to discuss and prepare the major ministerial meeting convened by the World Trade Organisation (WTO) in Geneva, beginning on 21 July.

"The potential value of more liberal trade is enormous. The profits alone for the EU that would result from markets in other industrialised countries opening up have been estimated at SEK 160 billion. This would mean a real, and well-needed boost for the world economy in these times of economic unrest," says Minister for Trade Ewa Björling.

When the representatives of the more than 150 WTO member countries gather in Geneva, the focus will be mainly on an agreement concerning agricultural and industrial goods. The aim is to be able to reach an agreement on these areas during the week, which would make it possible to focus on the remaining issues during the autumn, including the trade in services and questions about regulations. The aim is a final agreement before the end of the year.

Never so close to a breakthrough

"In the seven years that work on a new world trade agreement in the Doha Round has been underway, we have never been so close to a breakthrough. As the initiator of these negotiations, the EU has a particular responsibility for pushing forward towards a constructive and ambitious agreement," says Dr Björling.