The Doha Round of trade talks has been suspended indefinitely. What was billed as an historic opportunity to liberalize trade through multilateral negotiations has ended with no deal in sight. Now, get ready for the blame game, a kind of “press-releases-at-dawn” duel between the US and the EU, with a few comments from other players thrown in for good measure. For starters, you can see the US version of events through the USTR and the EC (link requires subscription) provided a 9 page document describing how much they had done to get a deal concluded.
Of course, none of this necessarily means the end of trade liberalization, and to this end we can expect after the finger-pointing has ended a revival of the seemingly endless debate on whether bilateral or multilateral liberalization is best. But, as my colleague Dan Ikenson argued in his recent paper on unilateral liberalization, the US can do itself a big favor, and in the process gain some much needed foreign policy credibility, by unilaterally reducing tariffs and subsidies.
Maybe now that the Doha Round is in remission, the US can focus on doing what is in its own interests, instead of seeing liberalization as a “concession” that depends on the actions of the EU and others.
Meanwhile, back at the Secretariat, discussions are turning to a more important topic: where to find more space for its ever-expanding staff. Looks like you’ll be needing fewer large conference rooms, guys.