World Trade Talks in Crucial Period, Hills Says
U.S. Trade Representative Carla Anderson Hills said today that world trade talks have entered a crucial period with a variety of disputes still to be resolved.
Hills is in California for talks with trade ministers from Japan, the 12-nation European Community and Canada over ways to resolve contentious issues blocking completion of a round of trade-liberalization talks.
“1990 is a pivotal year for the world economy,” Hills said. “Down one path lie open markets, expanded trade, economic growth and prosperity. Down the other lie closed markets, nations turned inward and gravely diminished prosperity for all.”
Hills, speaking to a convention of business reporters and editors, appealed to the news media to do a better job of covering trade issues.
She said reporters overemphasize stories on trade frictions with such countries as Japan and downplay more significant stories such as the effort to negotiate a new global trade agreement.
The Bush Administration has made a new global trade agreement its top trade priority this year, and Hills has portrayed possible failure of the talks in stark economic terms.
“The accords we seek are essential to our future prosperity,” Hills said. “It may be the last, best chance this century to create the trading rules we need for the next century.”
The Administration is counting on the reforms to attack a U.S. trade deficit that has topped $100 billion for six consecutive years.