Unjust trade must be countered: Economist

The current global trade regime is unfair to developing countries and runs counter to their development, a Nobel prize winning economist said on Friday.

And China has fallen victim to US double standards, as the United States repeatedly imposes dumping charges on Chinese products, professor of economics at Columbia University Joseph Stiglitz said.

The world is watching the ongoing Doha Round - the WTO initiative started in 2001 to develop a global trade agreement easing trade in agriculture, manufacturing and services - but developed and developing countries are profoundly divided on some key issues. Agricultural subsidies, in particular, have cast a shadow over the talk's prospects.