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EU/US table new trade offers

by 5m Editor
11 October 2005, at 12:00am

EU - Brussels and Washington have tabled fresh proposals for further liberalisation of agricultural markets in an attempt to inject new life into the stalled world trade talks. First to move in Switzerland this week was US trade representative Robert Portman. He suggested a two stage process for cutting import tariffs, export aids and trade distorting farm supports. The first stage would last five years and see deep cuts in these market measures. The second phase would also last five years and deliver the elimination of remaining trade distorting policies. On import protection, developed countries would have to cut their import tariffs by 55%-90%, with the highest tariffs cut the most. Developing countries would also have to open up their markets, though with lesser tariff cuts and longer phase in periods. The US plan also calls for the elimination of all export subsidies by 2010 – the same year as recently advocated by UK Prime Minister Tony Blair. <i>Source: FWi</i>

5m Editor