Leaders Seek to Finish Trade Deal by 2010

Leaders of rich and developing nations want to finish a long-delayed world trade deal in 2010 and head off trade wars that could hit world economies as they struggle to emerge from the recession, according to a draft of a joint declaration obtained by the Associated Press. Completing the so-called Doha round of talks has risen up the agenda due to fears that the economic crisis will lead to an upsurge in protectionist policies like the ones that helped cause the Great Depression of the 1930s. The global trade talks, which were initially to conclude in 2004, have been beset by difficulties and at a standstill for months. A deal would cut goods tariffs and subsidies around the world. The leaders asked trade ministers to meet prior to the Group of 20 meeting of developing and rich countries in September in Pittsburgh, according to the draft. The final document is to be released later in the day...WSJ