Statement by the Nordic Trade Ministers: The international financial crisis must be used to bring the WTO negotiations to conclusion

Press release 408/2008
27 October, 2008

The Nordic trade ministers discussed the ongoing World Trade Organization negotiations at their meeting in Helsinki on 27 October. According to the ministers, the situation arising from the global financial crisis must be used to advantage to bring the WTO negotiations to conclusion.

The decision to launch the Doha round was taken in late 2001, in the wake of the terrorist attack that took place on 11th September, when there was a wish to strengthen the base of international cooperation.

A WTO agreement that increases freedom of trade and rejects protectionism would be an important factor stabilising and reviving the global economy in a situation where many countries face the risk of recession owing to the financial crisis, the ministers stressed.

Significant progress had been made at the WTO Ministerial meeting held in Geneva in July, and reaching an agreement was very close. The financial crisis may give rise to the political will making it possible to bring the negotiations to a positive conclusion rather quickly, the trade ministers emphasised at their meeting held in conjunction with the 60th Session of the Nordic Council.

The meeting was chaired by Minister for Trade Ewa Björling of Sweden; the other participants were Minister for Foreign Trade and Development Paavo Väyrynen of Finland, Minister of Commerce Björgvin G. Sigurdsson of Iceland, Under-Secretary for Trade Affairs Svend Roed Nielsen of Denmark and Director General Christian Syse of Norway.