Brazilian officials called Friday for a rapid conclusion to the long-stalled Doha round of global trade talks to help ease the international financial crisis.
Foreign Minister Celso Amorim said Friday, he expected the "modalities" of the Doha talks would be resolved by the end of the year allowing for a free trade agreement that would lubricate the world economy.
"The question of the World Trade Organization (talks) is timing. It will be easier for the next American president to take an already negotiated agreement before Congress than it will be if he has to negotiate each point," Amorim said.
Amorim made his comments alongside Finance Minister Celso Amorim following a meeting between Brazilian President Luiz Inacio Lula da Silva and British Prime Minister Gordon Brown ahead of the Saturday's G-20 summit on the global financial crisis.
Earlier in the day Silva met with Australian Prime Minister Kevin Rudd and Japan's Prime Minister Taro Aso. Later in the day, Silva met with Argentine President Cristina Fernandez de Kirchner, but neither of the leaders spoke with the press following their meeting.
Manteiga also highlighted the importance of increasing trade as a way out of the crisis.
"If you keep world trade open it will stimulate the economy," Manteiga said.
The Doha round of WTO talks was launched in the Qatar capital in 2001 but broke down in July with negotiators in search of a broad compromise that, in short, would have let poor countries sell more produce to rich countries while giving the U.S., 27-nation EU and Japan new chances for their manufacturers and service providers in the emerging markets of Brazil, China and India.
The Brazilians appear to view the latest crisis as a way to jump start the talks.
"If we don't take rapid measures we run the risk of economic depression," Manteiga said referring to a series of measures including coordinated fiscal policy, better regulation of financial markets and renewed trade talks. "We're already talking about depression, we're not talking just about recession, some countries are already in recession."
Manteiga, however, denied Brazil was headed toward recession pointing out the economy was continuing to grow, though, perhaps at a slower rate.
Manteiga also said he expected U.S. President-elect Barack Obama would implant a more robust stimulus package than the Bush administration, which he said had only recently abandoned an ideological approach for a more pragmatic one.
"What we expect from the government of President Obama is that he goes deeper, deeper by the characteristics, by the proposals he made during the election and the possible indications for key economic positions that are being mentioned in all the papers," Manteiga said. "The idea is that he comes with a package, a more robust anti-cyclical program."
By "anti-cyclical" Manteiga was likely referring to big government spending to jump start the economy.
Manteiga stated Brazil was also disposed to introduce an "anti-cyclical" program of its own, without providing more details.
Manteiga also said it was important to lower the cost of capital internationally, but stopped short of saying Brazil would lower its interest rates which remain among the highest in the world.
"We have to revert this situation and reduce financing costs in various ways," he said. "Brazil will do it in its way, it won't do it exactly like the Great Britain or the United States."
