The National Union of Metalworkers of South Africa (Numsa) believes that the WTO’s role in concluding trade agreement is tipped into triviality.
Following last night’s (Tuesday) collapse of trade talks in Geneva which threatened stability in global economy and undermined future competitiveness of the developing countries, and questions also emerged about the continued significance of the world trade forum.
The world negotiations forum failed time and again for the past seven years to reach agreement on tariff reductions and subsidy cuts on agricultural goods.
And Numsa is now extremely concerned that our country and industries should pin hopes to the deteriorating organization, which US commanded it to accept its continued increase on agricultural subsidies
Similarly, failure to improve ease of access of European Union and US markets to emerging and developing economies will result to major job losses as the unfair and imbalanced trade talks would leave industries including auto manufacturing no alternative but to outsource some operations and new model designs to developed economies because of lack of conformity to tariff cuts.
Other grave implications for our regional economies is that US demands including other developed countries as well were so unreasonable that they had the potential to undermine industrial development objectives and attempts to win back what has been lost in the previous round of WTO negotiations
For further information contact:
Mziwakhe Hlangani, Numsa national spokesperson
Cell phone: 082 9407116
Source
Numsa News