BBC (Saturday): World trade deal 'within reach'

[Jack Rabbit]

From the BBC Online
Dated Saturday July 31 11:15 GMT (4:15 am PDT)

World trade deal "within reach"

World Trade Organization members negotiated through the night in Geneva to resolve key issues, after failing to meet a Friday midnight deadline.
They aim to get an outline deal on global free trade which could add some $520bn to the world economy by 2015.
Such a deal would deliver a framework for formal talks on liberalising world trade, allowing negotiations which fell apart in Cancun last year to resume.
The talks, involving 147 countries, are focusing on farm subsidies and tariffs.

Read more.

[NMDemDist2]

1. oh chit, i'm gonna have to read up on this issue and

watch JK like a hawk I guess

[muriel_volestrangler]

2. AP Update: WTO Negotiators Reach Tentative Accord

http://www.forbes.com/business/manufacturing/feeds/ap/2004/07/31/ap1483891.html

In a breakthrough Saturday, trade ministers tentatively agreed on a plan to end export subsidies for farm products and cut import duties, a key step toward a comprehensive global accord that advocates say will boost the world economy.

The deal, under discussion since 2001, was expected to be approved by all 147 members of the World Trade Organization later Saturday, opening the way for full negotiations to start in September.

"Developed countries have recognized that agricultural trade with a heavy subsidy component is not free trade," said Indian Trade Minister Kamal Nath. But he said that the United States, European Union and other developed countries will also benefit by removing heavy agricultural subsidies from their budgets.
...
On Saturday, some 20 key countries approved a document setting out the framework for a legally binding treaty. It will commit nations to lowering import duties and reducing government support in the three major areas of international trade - industrial goods, agriculture and service industries such as telecommunications and banking.

[muriel_volestrangler]

3. BBC update 2240 GMT: World trade talks reach agreement

http://news.bbc.co.uk/2/hi/business/3937745.stm

Key WTO members have accepted proposals to cut the subsidies wealthy countries give their farmers.
...
Most of the benefit would, the World Bank believes, go to poorer countries.

Analysts say it is vital that any new deal be agreed before 2007, when what is known as fast-track legislation expires in the US.

Without fast-track, which limits the power of the US Congress to alter trade deals negotiated by Washington, there is little prospect that the US will adopt a new pact.