GENEVA : Once More on Trade
Trade negotiators convene in Geneva today in a last effort to breathe life into the four-year Uruguay Round of international trade liberalization talks that collapsed in Brussels last month.
A five-week cooling-off period has brought little sign of progress, however, on the issue that brought the talks to the brink of failure: agricultural trade barriers. The 12-nation European Community refused last week to further cut farm subsidies, which the United States and other agricultural exporters say give the Europeans an unfair competitive advantage. The EC has offered cuts of 30% over 10 years, but the United States demands 70%.
If no new deal is agreed on soon, it is feared that U.S. lawmakers may amend existing agreements unilaterally, triggering a destructive trade war. In six weeks, negotiators lose the so-called fast-track authority that allows a compromise to move expeditiously through Congress.
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