http://news.bbc.co.uk/2/hi/business/7528067.stmChina hit back by saying that rich nations were pushing developing countries into special deals on certain sectors while reserving the right to protect sensitive agricultural products.
"Priority sectors highlighted by them include machinery, chemicals and automobiles, in which they enjoy substantial export advantage," Lu Xiankun, press counsellor at China's World Trade Organization mission, told Reuters news agency.
The proposed settlement, brokered by Mr Lamy, calls for cutting the limit on European farm subsidies by 80% and US payments by 70% to about $14.5bn.
The deal also involves the EU offering 80,000 temporary visas a year for working in the services sector."
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My understanding is that developing countries, led by China and India, want the US and Europe to reduce subsidies to their farmers, so that farmers in the Third World can compete with them. In exchange the US and Europe want lower tariffs in developing countries, partly since our tariffs on their exports is already fairly low as evidenced by the surge in imports to US from the Third World.
I didn't know that we had an export advantage in "machinery, chemicals and automobiles". The Chinese view of this is quite interesting. :shrug: