Germany, U.S. hope for Doha breakthrough to ease food, oil prices

BERLIN, July 1 (Xinhua) -- German Economy Minister Michael Glos and visiting U.S. Treasury Secretary Henry Paulson on Tuesday expressed hopes for a breakthrough in the Doha Round of the World Trade Organization (WTO) talks in Geneva in order to ease food and oil prices.

Paulson said he was "quite hopeful" for the stalled talks to be restarted at the Geneva meeting this month, and to reach an agreement that would help ease the soaring food prices.

The current high oil prices are the results of supply and demand, and instead of short-term measures, long-term measures are needed to solve the problem, he said, calling for more investment in this area and the pumping of more crude.

Glos said reaching an agreement in Geneva would give a positive signal for the global economy and that improving energy efficiency is the best way to cool down the prices of oil and natural gas.

At the Geneva meeting set to open on July 21, ministers from the 30 main trading nations will try to make a breakthrough for the Doha Round talks, which began in 2001 and have become bogged down primarily over the agricultural subsidies provided by the United States and the European Union to farmers.