In what would be a significant step forward, the G8 and the Group of Five (G5) developing countries — India, Brazil, China, Mexico and South Africa — will agree to commit themselves to conclude the Doha Round of talks in a year’s time by 2010.

In fact, India is expected to host a ministerial meet before the September G-20 Summit at Pittsburgh with a view to resolve existing differences.

They will also agree not to indulge in “competitive devaluation” of currencies during the economic crisis.

The almost-finalized draft of the joint communiqué, agreed after detailed discussions among officials today, states: “We are committed to reaching an ambitious and balanced conclusion to the Doha Development Round in 2010, consistent with its mandate, building on the progress already made, including with regard to modalities...We instruct our ministers in-charge of trade to explore immediately all possible avenues for direct engagement within WTO and to meet prior to the Pittsburgh Summit.”

This raises hope that matters will now move forward on the Doha talks, which have been stalled over several differences, particularly in agriculture, between developed and developing countries.

These trade talks aim to lift barriers, reduce subsidies and make it easier for more open trade in several key sectors. The group also reaffirmed its commitment to open markets and strongly “rejected all protectionist measures”.

There are certain other important commitments which would be agreed in dealing with the economic crisis. These include:

• Refrain from “competitive devaluations of our currencies” and promote a stable international monetary system.

... contd.