BASF chief executive Hambrecht urges end to Doha delays

29 June 2010 16:49  [Source: ICIS news]

TORONTO (ICIS news)--BASF chief executive Jurgen Hambrecht on Tuesday urged an end to delays and stalling in concluding the Doha round of trade talks.

With the necessary political will, Doha could be concluded by the end of the year, despite the need to clarify details, Hambrecht said. The current Doha trade round began in 2001.

Doha would add an estimated $150bn (€122bn) stimulus to the global economy, Hambrecht said in an interview German news agency dpa.

Hambrecht and Hans-Peter Keitel, president of Germany’s industry trade group BDI attended Sunday’s G20 summit in Toronto, at the suggestion of Germany’s government. Hambrecht heads BDI’s Asia-Pacific committee.

Hambrecht also said he was wary of bilateral trade agreements, which involved bureaucracy and high costs.

He was echoing concerns that the much-delayed Doha round could disintegrate into a wave of bilateral or multilateral deals that may undercut the drive for global harmonisation.

BDI’s Keitel, for his part, noted the G20’s broad agreement on cutting public budget deficits and reducing debts in order to restore trust in finance and politics.

Germany earlier this month announced a €80bn budget cut package, despite calls from US economists on Europe’s largest economy to do more to drive the global recovery.

($1 = €0.81)

Read Paul Hodges’ Chemicals and the Economy Blog
To discuss issues facing the chemical industry go to ICIS connect


By: Stefan Baumgarten
+1 713 525 2653



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index