DAVOS US's Schwab says ready for significant cuts in farm subsidies for WTO deal |
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Sat, 27 Jan 2007 16:43
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DAVOS, Switzerland (AFX) - US Trade Representative Susan Schwab said the US is ready to make significant cuts in its trade-distorting agricultural support in order to reach a World Trade Organisation liberalisation deal.However, speaking at a news conference at the World Economic Forum after a meeting of 30 WTO ministers on the WTO's Doha round, she said a US offer is subject to the EU making concessions on farm tariffs.'We are prepared to make significant cuts in our trade distorting support, so long as the EU does the same,' she said, adding that a larger market access package would boost the US offer.Earlier, the trade ministers called for a quick resumption of full-scale trade talks in Geneva, with the aim of reaching a breakthrough on agriculture, industrial tariffs, and service trade.Schwab said she hoped for a breakthrough agreement by ministers in April or May, slightly later than the March or April predicted by Brazil.Such a political breakthrough would encourage the US Congress to give US president George Bush fast track authority to sign trade deals, which without congress support, expires at end-June.'Congress will be more enthusiastic about renewing (the fast track authority) if we have a breakthrough,' she said.Fast track approval prevents the US Congress from querying and changing individual bits of any WTO deal.nigel.tutt@thomson.comnt/pawCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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DAVOS EU's Mandelson sees ambitious WTO deal, failure would prompt protectionism 