International Monetary Fund (IMF) chief Rodrigo Rato on Tuesday called for the speedy conclusion of global trade talks, saying rich countries should open up their markets to Africa by the end of the year.

"The future prosperity of Africa rests upon increased trade," IMF Managing Director Rato told reporters in Johannesburg after a two-day visit, his first to South Africa since taking the helm of the international lending institution three months ago.

"This means that industrial countries need to open up their economies to exports from developing countries and remove tradedistorting subsidies."

World Trade Organisation dele-

gates in Geneva on August 1 salvaged global trade talks -- the so-called Doha trade round -- with a compromise deal on reducing the huge government subsidies paid to farmers in the United States and Europe.

This should enable poorer countries that cannot afford such huge subsidies to compete in the global market.

The WTO will now attempt to conclude the Doha round of trade liberalisation talks -- launched in the Qatari capital in late 2001 -- by the end of the year. When completed, it is expected to open markets for agriculture and industrial goods and services for all WTO member countries.

"I want to use this opportunity to stress the responsibility of develop-

ing economies both in enhancing the contribution to development assistance but also in opening their markets to trade," Rato said.

"I think that the initial agreements that were achieved in Geneva and the process of the Doha trade round are important but should be finished by the end of the year," he added.

Rato met with South African President Thabo Mbeki, Finance Minister Trevor Manuel and Reserve Bank Governor Tito Mboweni during his visit.

He praised South Africa for its "impressive" economic recovery since its first democratic elections in 1994 but cautioned that "formidable challenges" such as joblessness and AIDS remained.