China is willing to work with all sides to resume the Doha Round talks, a spokesman of China's Ministry of Commerce said in Beijing Wednesday.
The spokesman said the suspension of the Doha Round of global free trade talks is a regret for all sides as the talks are closely related to balanced development of the world economy.
The Doha Round of global trade talks was suspended on Monday after key players in the World Trade Organization (WTO) failed again to reach a consensus on agricultural and industrial trade.
It is crucial for all sides in the talks to give up some economic interests so as to achieve an essential balance, said Lu Yan, a researcher with a research institute attached to the Ministry of Commerce.
Lu said that in a broader sense developing countries share the same principles as developed countries on free trade.
The basic contradiction between the two sides lies in the rate of progress and the extent of free trade, she said, noting that multilateral trade mechanism is predominant in global trade development in spite of some deficiencies at present.
The Doha Round talks were launched in 2001 with an avowed aim to lift millions out of poverty through fairer trading conditions. The round has been billed as a once-in-a-generation chance to boost global growth.
The G-6 countries, namely the United States, the European Union, Australia, Japan, Brazil and India, account for some three quarters of world trade and represent a wide range of commercial interests. Consensus among the six parties is considered crucial for a general agreement of all 149 WTO members.
(Xinhua News Agency July 26, 2006)