The Doha Round and The WTO Cancun Ministerial Conference

In the early 2004, the multilateral trading institution, WTO (World Trade Organization) found itself at the crossroads. World trade had grown significantly in the past three decades. Even as more and more countries appreciated the importance of trade, disputes had also become frequent. WTO had been set up to resolve these disputes amicably and create an environment where trade could flourish. The Doha round launched in Qatar in November 2001, had set ambitious goals. It aimed at reducing trade-distorting farm support, slashing tariffs on farm goods and eliminating agricultural subsidies; cutting industrial tariffs, especially in areas that poor countries cared about, such as textiles and freeing up trade in services.