Five nations agree on agricultural tariffs ahead of WTO Doha meeting

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Thursday May 05, 09:34

Five nations agree on agricultural tariffs ahead of WTO Doha meeting

(by Dr. Goldfinger)

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Five nations agree on agricultural tariffs ahead of WTO Doha meeting

A grave obstacle in the way of Doha free trade round negotiations has been removed Wednesday as five biggest trading nations including the United States, the European Union, Brazil, Australia and India agreed on the method of computing agricultural import tariffs. The agreement was also endorsed by other nations such as Switzerland and Japan.

"The five interested parties have reached an agreement on the formula for calculating AVEs (ad valorem equivalents)," European Commission spokesman Michael Mann said.

The method will include AVE conversion that converts tariffs dependent on imported quantities and "ad-valorem" equivalents (AVE), meaning tariffs based upon the product price.

The deal will be presented to twenty-four trade ministers about to gather in Paris ans raises hopes that a wide-scale agreement among the 148 WTO members can be reached that will boost the world’s prosperity.

"Doha ... will boost jobs and prosperity and can help lift literally millions out of poverty if we do the right thing," new U.S. Trade Representative Robert Portman said in a news conference.

"Agriculture is the engine to push these negotiations forward, and as I see it that engine needs a jump start."

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