WASHINGTON–The American Insurance Association is voicing concern about the collapse of the latest World Trade Organization global trade talks, warning that if they ultimately fail, “a huge opportunity could be lost.”
The suspension of the discussions led Sen. Charles Grassley, R-Iowa, chairman of the Senate Finance Committee, which has jurisdiction over international trade, to express “disappointment” over the apparent failure of negotiations. He also urged that efforts continue to help restart the talks.
David Snyder, vice president and assistant general counsel at the AIA, said in a statement that “a huge opportunity could be lost” if the Doha development round is not resuscitated.
“The world's people, especially those in developing countries, would directly benefit from increased trade in services, especially insurance,” he said.
Mr. Snyder said a blueprint for restarting talks would perhaps include uncoupling services from agriculture and manufacturing, on which disagreements have blocked “mutually beneficial progress in services.”
“In the meantime, and apart from these multilateral talks, AIA will continue to engage with the U.S. government in the important bilateral negotiations, including discussions with China, India, South Korea and Russia,” he said. “Progress in these negotiations would be commercially significant for our companies.”
Mr. Snyder said that “insurance liberalization provides foreign capital, assets to support infrastructure building such as roads, airports and hospitals, and financial incentives and advocacy for safer workplaces and highways.”
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