After failure of Doha round, it's become a nagging question in my mind, whether agreements of that degree, in a sensitive matter like trade and economy, are anyway possible! It seems so because even economically excelled nations like US are backing their regional farm subsidies to higher extent, the nations who never pant while speaking about poverty elimination and developing specially third world countries and supporting developing nations. They ask for tariff cuts for developing nations and be obstinate on reducing their internal subsidies! Thus it seems that ever prevailing protectionism in world economy, will not go effortlessly, only by calling for international goodwill. For our younger readers let me quote what is protectionism from an online source,
In the language of economics, it is a form of economic policy for a system. By definition, we can frame its potential hazard for world's integration and mankind, so I thought I must write something about it. Now how would it be eliminated? Can mere principles are enough to overcome this natural menace? Not at all, we need to be collective in our approach. The major onus weighs on developed nations' shoulders. They will have to show maturity and shed their age old perception of being judge in multilateral rounds of talks. They will now have to swallow the fact that anyone can't survive on its own, in this gregarious nature. Developing nations will now have to invest more efficiently in infrastructural plans, so that their farmers and other industrialists are not merely subsistence. Third world will have to throw away the tendency of waiting for international aids and will have to move social reforms, making sure their leaders are honest and assiduous. Eventually when Doha round is failed, as we all know, the bout of bilateral and regional agreements will arrive, hope the cooperation may go to higher degrees successfully.
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