World Trade Talks Seen Key For Insurers

WASHINGTON–The Doha-round of World Trade Organization talks underway in Geneva this week are critical to additional market-opening commitment for insurers in the foreseeable future, a U.S. insurance trade group said.

U.S. insurers' objectives are talks that will move toward a set of deadlines and an atmosphere leading to “genuine additional market-opening, especially in large parts of Asia, and countries in Latin America and Africa,” explained David Snyder, an American Insurance Association vice president and assistant general counsel.

Specifically, he said, the United States is opting for breakthroughs that will assure that existing liberalization is enforced and that new market openings are allowed in those areas.

“This week marks an absolutely critical juncture for the world's trading system and global economic conditions,” Mr. Snyder said.

“Key ministers are discussing concessions in agriculture, manufacturing and services,” he noted.

And, because most of the world's economic activity is services, a breakthrough for them is essential. “With the future of world trade in the balance, we strongly support U.S. efforts to achieve major progress this week,” he added.

Progress in Geneva would set the stage for a so-called “signaling conference,” which is a meeting of ministers who will lay the groundwork for a set of offers and demands that will be negotiated by the end of the year, Mr. Snyder said.