Twenty-two developing countries are close to an agreement on cutting tariffs that could be signed when ministers gather here next week for a World Trade Organisation meeting, diplomats told AFP Thursday.
Negotiators from countries including Argentina, Brazil, India, Indonesia, Egypt and South Korea on Wednesday "agreed on a document to be submitted to the ministers for approval," said a diplomat. The agreement would only affect trade among the 22 and is not connected to the broader Doha round of negotiations that aim for a global reduction in trade barriers.
The text that will be discussed next week stipulates a cut of at least 20 percent in tariffs on 70 percent of all products, the diplomat said, adding that countries would determine the final list of products next year. Ministers will meet next week to go through the text, but the "meeting should not take long," added the diplomat. Ministers from the 153-member states of the WTO are meeting here from next Monday to Wednesday.
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