The End Of Free Trade As We Know It?

IBD Editorials ^ | September 24, 2008 | J.T. YOUNG

[Kaslin]

Aloha, Doha. Begun in November 2001 in Qatar's capital, these trade negotiations came to be known as the Doha Developmental Agenda, with the intent to accomplish a 150-nation deal to aid developing nations.

Planned to conclude in January 2005, Doha was in overtime longer than it was on time. There have been many excuses for its failure, but in the end it was undermined by its own overreach. As bleak as international trade's future now appears, Doha's failure actually offers the best chance to begin again and to begin aright.

Doha's July 29 collapse punctuated the third consecutive summer in which negotiations had been elevated to the ministerial level only to fail. Despite much agreement, the talks ended over China and India's demands for special safeguards, which would have allowed high tariff increases in sensitive trade areas.

Now at the mountain's base instead of its peak, the original attempt seems hopelessly naive. Yet just because the summit could not be scaled at this time, does not mean that it cannot be climbed. The key is to pick a better route.

[ken21]

it seems superfluous to mention “free trade” when oil is majority-controlled by socialist governments.

and no one would argue that our oil companies are devoted to “free market” economics.