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Lloyds - Global trade talks collapse Print E-mail

Efforts to salvage an agreement on global trade talks collapsed yesterday as the US and the European Union accused each other of not doing enough on farm subsidies. US lawmakers blamed the European Union and advanced developing countries for the collapse, but EU trade commissioner Peter Mandelson (right) threw the same accusations back at the US. The suspension of the World Trade Organizations Doha round came after major trading powers failed in a last-ditch bid to overcome differences on reforming world farm trade, which lies at the heart of the round. The US has refused to improve its offer to cut domestic farm subsidies until the EU and advanced developing countries such as India and Brazil revise their offers to open their markets to more farm goods. The talks, officially known as the Doha Development Agenda, were launched nearly five years ago with the goal of helping poor countries prosper from trade. 

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