Trade Representatives says European Union and United States hope to negotiate plan to reduce subsidies.
U.S. and European Union trade officials plan to agree on their own plan to reduce agriculture subsidies to give new life to the stalled World Trade Organization talks. Bloomberg News reports U.S. Trade Representative Rob Portman says the two counties will meet next week to find common ground so other countries can come on board.
Negotiators are scrambling to reach a framework for further liberalized trade before a December summit planned this year in Hong Kong. "We can no longer procrastinate," Portman says.
Looking at ways to get the WTO negotiations back on track is the focus of meetings Sept. 13 and Sept. 14 in Washing between Portman and EU Trade Commissioner Peter Mandelson. Portman wants guarantees from Mandelson that the EU is willing to reduce subsidies and lower import barriers on ag goods.
A deal between the two agriculture super powers is key, experts say. If the move is significant enough, other countries will come on board. Approval of any WTO agreement requires 100% acceptance from the nearly 150 countries.
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