WTO: HONG KONG GREEN ROOM DEAL
The Hong Kong ministerial has somehow been
saved from becoming yet another Cancun.
Thanks to the last ditch efforts of the
key players in the global multilateral
trade negotiations in the 'Green Room', it
produced a last moment deal, belying
strong speculations to the contrary.
However, the final outcome of the deal is
still not clear. The Hong Kong deal was
possible when the European Union (EU) and
the USA made fresh pledges to cut export
subsidies on agricultural products and
open their markets to more products from
the world's poorest nations, over a period
of time extended far beyond what was
earlier stipulated.
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WTO COMPROMISES ON FARM SUBSIDIES
The police and the public,
particularly traders of Hong Kong breathed
a sigh of relief that the WTO conference
concluded on December18, 2005. Scuffles
during the protest brought the city to a
standstill, tight security limited the
movement in the downtown and many were
prompted to go for early Christmas
holidays. Politicians hailed it as a
wonderful event that they successfully
brought the image of Hong Kong worldwide.
But the benefits derived from the Hong
Kong round are mixed.
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FREE TRADE AND GLOBALIZATION
The world is becoming more globalized,
there is no doubt about that. While that
sounds promising, the current form of
globalization, neoliberalism, free trade
and open markets are coming under much
criticism.
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