Washington, D.C. (July 31, 2008) -- "The halt of the Doha Round negotiations of the World Trade Organization in Geneva this week is an unfortunate development that frustrates seven years of effort by governments around the world to increase living standards for their citizens. It is especially upsetting in light of the years of hard work by the dedicated staff and leadership in the Office of the U.S. Trade Negotiator, to whom we owe many thanks for staying the course," said ACLI President and CEO Frank Keating.
"It is very disappointing that the world's governments have not been able to reach an agreement regarding agricultural and manufacturing tariffs, an impasse which has halted any further progress on improving global trade commitments that promote enhanced competition in financial services.
"While this chapter in the global trade dialogue has ended, we have an opportunity for a fresh start next year. I am hopeful our next President will continue to break down trade barriers and open new markets for U.S. goods and services worldwide. U.S. life insurers and retirement security providers are proud of the positive contribution we make to the U.S. services export surplus and the financial security we provide to workers and their families around the world," Keating concluded.
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.