Wednesday, July 30, 2008

Bon debarras

"Trade officials said Tuesday that a high-level summit to salvage a global trade pact collapsed, after the United States, China and India failed to compromise on farm import rules.

The dispute over the current proposals concerns the threshold for when developing nations could sharply raise their tariffs, and how high those taxes could rise.

The United States had accused the two emerging powers of insisting on allowances to raise farm tariffs above even their current levels. That violates the spirit of the trade round, the U.S. and other agricultural exporters argued, because it is supposed to help poorer countries develop their economies by boosting their exports of farm produce."

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