Bloomberg writer En-Lai Yeoh reported this morning that, “Ministers responsible for half the world’s trade meet in Australia this week to try to revive global talks some say are on their deathbed…Trade ministers from 21 Asia-Pacific Economic Cooperation economies will come together in Cairns July 5 and 6, where they will attempt to resuscitate the so-called Doha round of trade liberalization negotiations.”
II. Farm Bill
III. Renewable Energy
The Associated Press reported yesterday that, “Failure by the United States, European Union, Brazil and India to progress on eliminating trade barriers to farm produce and manufactured goods could be fatal for the current round of global commerce talks, the World Trade Organization’s top official said Monday.
“Washington must lower its agricultural subsidies further, the EU needs to ease access to its farm markets, and Brazil and India must offer deeper cuts in industrial tariffs, WTO Director-General Pascal Lamy said.”
The AP article noted that, “‘What remains to be done is small compared to all the proposals already on the table,’ Lamy told a meeting of the U.N. Economic and Social Council. ‘Reaching agreement on subsidies depends on additional concessions from the U.S. (that would be) equivalent to less than a week’s worth of trans-Atlantic trade.’
“He said the EU and Japan also needed to reduce their highest farm tariffs by only a few more percentage points. Brazil, India and other emerging economies would have to offer similar cuts in their highest industrial tariffs.”