 Last November I was asked by Mrs. Merkel and David Cameron and Prime Minister Erdogan of Turkey and the Prime Minister of Indonesia to do a report on the conclusion of the Doha Round co-chaired with Jagdish Bagwati, the Professor of Economics in Colombia. We did that report and concluded that the Doha Round effectively looked like failure. I think one can almost say now that it is going to fail, certainly in the objectives originally held by those who wished it to be a development round, and a round which would provide an impetus for global growth, not merely for developing countries, but for developed as well. This failure, if one is to identify those who have ultimately blocked it, really falls I think at the feet of the United States in particular, which doesn't seem to have a strong view that the Doha Round is either necessary or desirable. And also China, and to a lesser extent Brazil, all of whom I think could have played a more constructive role in pushing this to a conclusion. The real danger of this is that the WTO itself will lose some of its credibility as a result of a failure of a round which has taken so long to go effectively very little distance. I had the same issue when I was Director-General of GATT coming up to the conclusion of the Uruguay Round, and by a very thin margin we made it over the line and created the WTO itself. What worries me now is that the WTO will be damaged, undoubtedly, as to its credibility by what is now happening. I think that this is extremely regrettable. The WTO is, above all, a mechanism which tries to create as best it can a level playing theme for countries around the world, and that in particularly has benefited developing countries. Not all of them, some of them have been marginalised, because they are unable to take advantage of the trading opportunities that should be there for them. For an example, many of the countries in sub-Saharan Africa, but the basic principle of a multilateral trade system is a very important one, and I think that it is seriously jeopardised by the failure to conclude the Doha Round.