FIRST BITE AT THE APPLE:

'Modest' deal struck in Hong Kong (BBC, 12/18/05)

A limited trade deal has been reached in Hong Kong after developing countries approved a European Union offer to end farm export subsidies by 2013. [...]

The US is resisting pressure to rapidly reduce the subsidies it gives to domestic cotton farmers, a source of great concern for African countries.

BBC economics editor Evan Davis said the toughest trade issues remained unresolved at the end of the meeting.

Sunday's deal on farm export subsidies - which has to be formally agreed by the World Trade Organization's near 150 members - followed round-the-clock negotiations between the US, European Union and developing countries.

Poorer countries pushed hard for an end-date of 2010, so the agreement, which will see some but not all subsidies eliminated by then, represents a compromise.

Get everyone used to the notion and then at the next round push the date forward. We ought to lead though.

Posted by Orrin Judd at December 18, 2005 6:53 AM