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To: Elsewhere who wrote (3513)11/13/2001 7:44:17 PM
From: frankw1900Read Replies (1) | Respond to of 24758
 
Might this be it?

WTO Talks Pass Beyond Deadline
Tuesday November 13, 6:42 pm Eastern Time

WTO Negotiators Stretch Talks Into Extra Day to
Avoid Collapse

By NAOMI KOPPEL
Associated Press Writer

DOHA, Qatar (AP) -- Ignoring an expired deadline, negotiators stretched their conference into an
extra day Wednesday to save the World Trade Organization's attempt to start much-anticipated
talks to free up global commerce.

With the European Union -- and especially France -- resisting near-universal calls for an end to
farm export subsidies, frenzied negotiators worked through the night on a compromise,
desperate to avoid another collapse like the WTO suffered in Seattle two years ago.

The EU's attempt to extract concessions on environmental issues in return were blocked by
developing countries led by India, said Nacer Benjelloun, Morocco's ambassador to the WTO.

``At this stage I am not very optimistic,'' he said, adding that India showed no signs of budging
in the closed-door sessions.

Top ministers broke from the meeting shortly before the midnight deadline. They plan to
reconvene with the working group at 7 a.m., local time.

Big agricultural exporting countries like Australia, Canada and Argentina, supported by the
United States, insist that the round should look at the phasing out of the export subsidies, which
they say allow EU farmers to export at below the market price, distorting and suppressing the
world market in agricultural goods.

Poor countries, many of whom depend on agriculture as their principal exports, were backing the
call for eliminating the subsidies.

The European Union says it is committed to making substantial reductions in the subsidies but
will not agree to get rid of them entirely.

``We are doing our level best to inject as much creativity into this process as we can,'' said EU
spokesman Anthony Gooch.

But within the 15-nation bloc, France was basically standing alone, with support only from
Ireland, officials said.

French Trade Minister Francois Huwart told reporters the issue was ``a sort of deal-breaker
point,'' suggesting strongly that France would force the EU to walk away from the table rather
than concede ground.

France, the world's second-biggest agricultural exporter after the United States, has a powerful
farmers lobby -- and presidential elections in just six months. The Irish government expects to
call an election by next summer.

Speaking in neighboring Saudi Arabia during a two-day tour of the Middle East, French President
Jacques Chirac said that ``France's position, particularly over export subsidies, is legitimate.''

He added that he still hoped there could be an agreement.

The EU, which votes as a bloc, appeared to be the key to getting a deal at the five-day meeting,
which was scheduled to finish Tuesday. Diplomats said it would likely take most of the night to
complete negotiations. Any deal must be approved by all WTO members.

Dutch Trade Minister Gerrit Ybema said it was still possible that the EU could change its position
on export subsidies, but it would need something in return on the issue of environmental
protection or labor standards.

``We haven't received anything, so we want something,'' he said.

Differences over agriculture were one of the reasons for the WTO's failure to launch a round in
Seattle two years ago. The collapse of that meeting created near-paralysis in the body that sets
rules on international trade.

Director-General Mike Moore has cautioned that another disaster in Doha could marginalize the
organization, leading the more powerful members to pursue regional trade agreements that
benefit those in them at the expense of those outside -- mainly poorer countries.

Earlier in the day U.S. negotiators claimed ``positive momentum'' as nations reached
near-agreement on an accord to ensure poor countries have access to lifesaving drugs.

It was not clear whether the deal on drugs -- which sets out the situations in which poor
countries can override patents to ensure access to medicines for health crises like AIDS -- would
stand even if there is no deal on a round.

Other issues also still threaten to scuttle the agreement.

India wants rich countries, especially the United States, to agree to quicker reductions in limits
on imports of textiles and clothing.

The United States says it has conceded everything it can without the approval of Congress.



To: Elsewhere who wrote (3513)1/28/2002 5:06:41 PM
From: ElsewhereRead Replies (1) | Respond to of 24758
 
I'd close a USD long position now. A rise from 116 to 120 in three months (or 111.50 to 120 in five months) is enough. It will be hard to top the 121 of last July.
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