20.4.05

José "Liberal" Barroso

The European Union is concerned about the slow pace of negotiations to liberalize world trade, and countries cannot afford to be complacent as they try to agree on a new global trade treaty by the end of 2006, European Commission President Jose Manuel Barroso said Wednesday.
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Talks to cut farm trade subsidies suffered a setback late Tuesday as negotiators failed to agree on how most rich countries should calculate their import duties. The technical issue centers on how to convert those import duties - currently expressed in dollars per ton - into percentages, which is required if negotiators are to agree wide-ranging cuts.