EU and China call for new global trade push

The European Union and China called today
for global trade talks to finally strike a deal that could
reverse falling demand and help pull their economies out of
recession, according to AP.
EU Trade Commissioner Catherine Ashton told reporters that
«trade and investment will lead us out of the current
crisis» on the second day of economic talks with Chinese
Vice Premier Wang Qishan.
Negotiations on a new pact to sweep away trade barriers
started more than seven years ago and collapsed last year
on U.S., Indian and Chinese refusal to accept a compromise
deal.
Global trade is now in freefall as the massive demand of
wealthy nations for imports that boosted the economies of
China, Brazil and others has diminished drastically.
China, the world's No. 3 economy, will be one of the few
major nations to escape recession this year, although it
will suffer from plunging exports to the U.S. and the
27-nation EU _ its largest export market.