ADB warns WTO failure would hit Asian growth

Hong Kong, Nov 16 | Updated: Nov 17 2005, 06:13am hrs
A failure to tear down trade barriers at next months World Trade Organisation ministerial meeting would seriously impact on economic growth and exports in Asia, the chief of the Asian Development Bank warned on Wednesday.

I really hope that the Hong Kong (WTO) meeting can make progress towards the final successful conclusion of the Doha round, ADB president Haruhiko Kuroda told reporters.

If a consensus of the Doha round is not reached in a timely manner, it will seriously effect Asia growth and exports, as the regions economy is heavily reliant on export trade, he said. Especially for the emerging market economies in Asia, they are growing very fast, he said on the sidelines of the Global Bond Summit held in Hong Kong. Kuroda said he has sent letters to all ADB governors asking them to build a consensus for the Doha talks.