US, EU ask dev countries to open markets

The US and the EU have asked the developing countries to open up their markets.

In a plain-speak, the United States and the European Union on Monday asked the developing countries to open up their markets and improve prospects for a trade deal under the long-stalled Doha round of WTO talks.

While the developing countries, led by India, Brazil and South Africa, have been asking the rich nations to cut their farm subsidies substantially, developed countries want the emerging economies to slash their trade tariffs on industrial goods.

“We are looking forward to seeing the contributions of others, including of the most significant emerging markets (to clinch a deal at this Geneva meet this week),” US Trade Representative Susan Schwab said in Geneva on Monday.

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Stressing the importance of a deal this time, EU Trade Commissioner Peter Mandelson said the trade agreement was now conditional on developing countries making ‘real cuts’ in industrial tariffs.

“They must be real. These cuts must provide some new market access in practice. That is the political bottom line. Nothing else will work for us. Nothing else will close the deal,” Mandelson said, adding the EU was ready to extend proposed cuts in its tariffs on farm produce from 54 per cent to 60 per cent.

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