A deal has been stuck at the World Trade Organisation’s goods council, which
will extend the time that eight developing countries can erect trade barriers
to restrict the import of components for car manufacturing, to promote local engineering
companies.
The council agreed that Argentina, Colombia, Malaysia, Mexico, Pakistan, the
Philippines, Romania and Thailand should definitely be able to retain these
restrictions to the end of this year, with a possible extension to December
2003.
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These developing countries had originally been committed under the last Uruguay
Round GATT agreement to remove these barriers, (called Trade Related Investment
Measures, or TRIMs), by the end of last year, but have been pressing for an
extension.
This agreement has been hailed by the WTO’s Director-General Mike Moore
as an example of the flexibility required to ensure that a general round of
liberalisation negotiations will be launched at his organisation’s summit
in Qatar in November.
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The
automotive industry in Latin America: Mexico, Brazil and Argentina
Forecasts to 2005
