ABC Online: World trade negotiators strike deal.
After an all-night negotiating marathon, key WTO members including the United States, the European Union, Brazil and Japan agreed to the elimination of export subsidies at a date yet to be set.
They also agreed to limit other subsidies and lower tariff barriers.
… But the agreement makes clear that the poorest countries will not be forced to contribute to market opening in any area, including services.
This is great news on anumber of levels, not least of which is giving the G20 a sense of how they can wield their collective power in future talks. I just hope that “at a date yet to be set” clause doesn’t come around and bite them on the arse. It’s a definite “get out of jail” card for the EU and US. It could be 20 years, but one hopes that the G20 will stand firm against those sort of tactics, if the US and/or EU attempt to use them. Excellent news!