The World Trade Organization (WTO) has negotiated a compromise between rich and poor countries. This resurrects the "Doha round" of trade negotiations, which failed because rich and poor countries could not reach agreement on agriculture.

Last year, in Cancun, Mexico, a group of poor countries refused to sign a proposed agreement which they felt favored the richer nations. The poor countries accused the rich nations of subsidizing their farmers, who then exported their produce at below market prices. Europe's Common Agricultural Policy (which consumes almost half the EU's annual budget) was the principle culprit, but American subsidies, particularly to its cotton producers, received heavy criticism in Cancun.

In Geneva, the WTO negotiated cuts to the export subsidies wealthy countries give their farmers. The US, the EU, Brazil and Japan, agreed to eliminate export subsidies in the near future, to limit other subsidies and to lower tariffs. In return, import barriers in poorer nations will be reduced for industrial goods.

As there is a presidential election in November, failure to get an agreement now could have left negotiations in limbo for at least a year. It is important that any new agreement be complete before 2007, when the current fast-track legislation expires.

A final deal could add $520 billion to the world economy by 2015, if both rich and poor countries reduce their trade barriers. While all the countries which participate would benefit, most of the benefit would go to poorer countries.

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Eudaimonia

One small step for humanity...one giant leap for those in need!

Sounds good in theory...but I've a "wait and see" mentality that won't let me praise this till we [they] actually see the benefits!

Is Cuba still missing out? Not a "poor" country per say...but I know they wish they could benefit with a trade agreement again!

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Minds are like parachutes. They only work when they are open.

~Thomas Dewar~

LixyChick,

You're quite right to be cautious, the devil is always in the details, but it does offer the possibility of significant improvement. As Cuba has been a member of WTO since 1995, it should be able to take advantage of this opportunity.

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Eudaimonia

I would hope the US would start dealing with Cuba anyhow. Once Castro dies the place will chance. No point waiting till then.

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Half of a set :halo:

As long as you buy our sugar not Cuban!

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Half of a set :halo:

Now that the vaccination campaign has resumed in northern Nigeria, the World Health Organization (WHO) is claiming that polio can be eradicated globally by the end of this year.

Vaccinations were halted after local Muslim leaders claimed the vaccines were unsafe, and during the suspension the disease spread from Nigeria to some other African nations. Through the end of the year, the WHO aims to run national immunization projects throughout Africa as part of the polio eradication project.

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Eudaimonia