(Right) WTO director-general Pascal Lamy and John Tsang, chairman of the Hong Kong WTO, shake hands at the end of six days of intense trade talks

Hong Kong, voted the world's freest economy and often described as "a bastion of free trade" hosted the WTO Sixth Ministerial Conference which ended on December 19. After six days and nearly 100 hours of intense negotiations, the 150 member countries endorsed a compromise deal that clears the way for an international trade pact by the end of 2006.

WTO director-general Pascal Lamy said participants had put the Doha Development Agenda "back on track, gave it a new sense of urgency, (and) made quantitative improvements".

"We have political fuel to make cruising speed by 2006," Mr Lamy said.

Delegates had agreed to eliminate farm export subsidies on agricultural goods by the end of 2013, and to grant duty-free and quota-free privileges to at least 97 per cent of least developed countries' exports by 2008.

Trade ministers left hard decisions on agriculture, industrial goods and market liberalisation in service industries for the new year, giving themselves a deadline of April 30 to fill in the blanks left from Hong Kong. No date or place was set for the next ministerial meeting.

Secretary for Commerce, Industry & Technology John Tsang, who chaired the WTO meeting in his capacity as host minister, said of the "modest outcome": "There is now a roadmap for the way ahead, and this meeting had come much further than seemed possible even two weeks ago."

Role model of free trade

David Eldon, chairman of the Hong Kong General Chamber of  commerce  says Hong Kong has done its bit for the global community

Hong Kong's openness to trade was held as a glowing example of the world trading system. The South China Morning Post reported that the banana-loving Mr Lamy said in his popular blog that someone had asked where his bananas came from. "I have been told they come from anywhere in the world because trade in Hong Kong is so open - but that these most likely come from the Philippines at this time of the year." 

Mr Lamy was effusive in his praise of Hong Kong as host and thanked the city for its "impeccable organisation". The world may have seen violent clashes between demonstrators and the Hong Kong police force on their TV screens, but there are many who're convinced that Hong Kong did the right thing in staging the conference

David Eldon, chairman of the Hong Kong General Chamber of Commerce (HKGCC), said there are times when people who are members of a world community must contribute.

"Hong Kong has done its bit for the global community. Yes, a lot of money was spent on the WTO conference but I think when the world sees what Hong Kong has done, the cost will be justified."

HKGCC senior director for business policy W.K Chan was quoted in The South China Morning Post as saying: "Hong Kong should look at the WTO really in its macro and global context. If an agreement can be reached then that will increase global trade and Hong Kong would stand to benefit from that as a major logistics centre."

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