New trade talk proposals needed: EU officials

MELBOURNE, Nov 20: Finnish Finance Minister Eero Heinaluoma, representing the European Union, today said that Europe was ready to do its bit to revive the Doha round of world trade talks but did not say what compromise the EU might offer.

''It's obvious there must be new proposals on the table and new willingness to compromise,'' Heinaluoma told reporters in Melbourne.

Asia-Pacific leaders meeting in Hanoi agreed over the weekend that they would spare no efforts to restart the stalled global trade talks.

Heinaluoma said that countries within the European Union shared the view that they need to do whatever they can to restart the free trade negotiations.

''We are now looking especially toward the United States after the Congress elections. We are hoping that we will have a new possibility to restart the negotiations,'' he said.

''Europe is ready to do its part in these negotiations.'' He spoke to reporters after signing a new tax treaty between Finland and Australia, following a two-day meeting of finance ministers and central bankers from the Group of 20 developed and developing countries.

REUTERS