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WTO comes to an agreement

HONG KONG (AP) - Government leaders Dec. 19 praised a WTO agreement to end farm export subsidies but said much work remains to reach a broader, binding global trade treaty by late 2006.

The agreement Dec. 18 was a badly needed breakthrough for the World Trade Organization, whose credibility was on the line following devastating collapses of two of its last three key meetings.

After six days of intense negotiations, delegates from both wealthy and poor countries reconciled their conflicting interests.

They agreed to eliminate farm export subsidies by 2013, to work toward dismantling trade barriers in manufacturing and services, as well as to provide greater protections and support for developing countries.

Developing nations felt the final agreement addressed many of their concerns, from opening up rich nations' farming markets to measures that could enable the world's poorest countries to increase their tiny share in global trade.

Meanwhile, the International Monetary Fund on Dec. 21 gave approval for $3.3 billion (¥387.3 billion) of debt relief for 19 of the world's poorest countries and predicted that a 20th nation, Mauritania, would qualify for the relief in a matter of weeks.

Shukan ST: Jan. 6, 2006

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World News WTO comes to an agreement HONG KONG (AP) - Government leaders Dec. 19 praised a WTO agreement to end farm export subsidies but said much work remains to reach a broader, binding global trade treaty by late 2006. The agreement Dec. 18 was a badly needed breakthrough for the World Trade Organization, whose credibility was on the line following devastating collapses of two of its last three key meetings. After six days of intense negotiations, delegates from both wealthy and poor countries reconciled their conflicting interests. They agreed to eliminate farm export subsidies by 2013, to work toward dismantling trade barriers in manufacturing and services, as well as to provide greater protections and support for developing countries. Developing nations felt the final agreement addressed many of their concerns, from opening up rich nations' farming markets to measures that could enable the world's poorest countries to increase their tiny share in global trade. Meanwhile, the International Monetary Fund on Dec. 21 gave approval for $3.3 billion (¥387.3 billion) of debt relief for 19 of the world's poorest countries and predicted that a 20th nation, Mauritania, would qualify for the relief in a matter of weeks. Shukan ST: Jan. 6, 2006 (C) All rights reserved