New life has been breathed into the chronically ailing Doha Round of World Trade Organisation talks by the weekend's meeting of leaders from the 20 most important economies in the world, who agreed to "spend and trade" their way out of the current financial crisis.
Prior to the meeting it was thought that there was no chance of an agreement being reached to finalise the Doha deal before Christmas, as key players from the developed and developing world struggled to bridge the final differences in key areas such as agricultural subsidies.
But that has now changed, with US President George Bush telling the media there was now a "determined effort" to finalise the deal by Christmas in order to lower trade barriers and thus stimulate economic growth.
Australian Trade Minister Simon Crean immediately welcomed the statement issued by the G20, saying the official communique signed by all of the G20 leaders was "an extremely significant statement of commitment".
"G20 leaders have recognised the fundamental importance of the world trade talks as an essential part of the global community's response to the financial crisis," Mr Crean said.
"In doing so, they have given prospects for the Round a significant boost."
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