Friday, July 27, 2007

World Trade Talks: Any potential for agreement?

A new effort to complete the Doha round of World Trade talks is launched by the WTO. Delegations have until September 3, date of a meeting, to consider the possibility of reaching compromises in areas of dispute.

The US administration, while expressing that completion of the talks is its top world trade priority, has expressed reservations over the draft working texts.

Since July 1, any WTO agreement the US administration agrees to will have to also pass from the US Congress, which may ask for amendments, not merely say yes or no (as was the case under the "fast track" powers of the US president that expired at the end of June). That any WTO agreement of all its members will require not only the agreement of the Republican pro free trade US administration but the US Congress where Democrats have a majority both in the House and the Senate since last year's midterm elections.

Thus the potential for a WTO agreement seems a tad complicated. But nothing is impossible. Probable?

27 July 2007

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