P.M. Briefing : Breakdown of GATT Trade Talks ‘Dangerous,’ Baker Cautions
A breakdown in world trade talks would have “very dangerous implications” for the entire world trading system, U.S. Secretary of State James A. Baker III said today.
The Uruguay Round of trade talks under the General Agreement on Tariffs and Trade collapsed Dec. 7 in Brussels over a bitter dispute on agriculture subsidies between the United States and the European Community.
“There are potentially very dangerous implications here--for Europe, for America, indeed for the rest of the world--that could lead to a breakdown of the world trading system,” Baker said at the end of a meeting of NATO foreign ministers.
“We are deeply, deeply disappointed with the breakdown of the talks earlier this month here in Brussels,” Baker told a news conference.
The GATT talks will resume next month in Geneva only if there are reasons to expect progress, which will require a softening of positions.
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