WTO issues fresh drafts on agriculture, tariffs

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LONDON, July 19 (PTI): In a renewed effort to bring the global trade talks back on track, the World Trade Organisation (WTO) Tuesday issued fresh drafts on the most contentious issue of cutting farm subsidies and reducing industrial tariffs.
The release of these documents "kicks off another intensive series of meetings for members to try to reach agreement, and probably to amend the draft", a WTO statement said.
It said the drafts are based on WTO member governments' latest positions in negotiations and are an assessment of what might be agreed for the formula for cutting tariffs and trade-distorting farm subsidies, and related provisions.
However, a trade analyst said the documents do not indicate any common ground between the extreme positions of the developing and developed countries with regard to the formula and the modalities for reduction of farm subsidies.
The WTO released these drafts within a few weeks of the collapse of talks among the four key players-India, Brazil, EU and the US in Potsdam, Germany. WTO chief Pascal Lamy wanted the talks to continue in Geneva despite failure of the four important players to bridge the gaps.
Doha round was to conclude in the beginning of 2005 and is running much behind the original time line.