✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

UPDATE 2-US, EU seek Doha deal "as soon as possible"

Published 03/19/2009, 03:50 PM

* Kirk, Ashton says US, EU must lead by example in crisis

* EU would like Doha deal before October

* Beef deal close, EU report on gambling due next week (Recasts throughout with statement)

By Doug Palmer

WASHINGTON, March 19 (Reuters) - The top U.S. and European Union trade officials pledged on Thursday to try to reach a deal in long-running world trade talks "as soon as possible," but set no deadline for resolving tough remaining issues.

"Extraordinary times require extraordinary leadership," U.S. Trade Representative Ron Kirk and EU Trade Commissioner Catherine Ashton said in a joint statement, adding the United States and the EU must lead by example in the global crisis by resisting protectionism and keeping trade flowing.

The meeting came during Kirk's first full day on the job, after the Senate voted 92-5 on Wednesday to approve him as U.S. trade representative. Kirk and Ashton also had dinner on Wednesday just hours after that vote.

"We agreed on the importance of achieving an ambitious and balanced outcome to the WTO Doha Development Agenda as soon as possible," they said in the statement that also noted that the current economic turmoil had increased the temptation for countries to turn away from the rules-based trading system.

The Doha round was launched in November 2001 with the goal of helping poor countries prosper through trade. An agreement would require deep cuts in U.S. and European farm subsidies that developing countries say have too long distorted international trade.

The Obama administration has said Washington cannot agree to a Doha deal cutting U.S. farm subsidies and manufacturing tariffs until advanced developing countries make better offers to open their markets to U.S. goods.

Ashton, at a separate briefing for reporters, said the EU would like a Doha round agreement before the current European Commission's term expires in October. She excused Kirk from agreeing to any such goal on Thursday because the new U.S. administration was still evaluating its position.

"I'm very conscious in a first conversation timetables are hard to pin down. And that's right and proper too. He needs to think about it," Ashton said.

Kirk and Ashton also pledged in their statement to redouble efforts to resolve bilateral trade disputes.

David O'Sullivan, the EU director general for trade, said the two sides were "quite close" to resolving an old dispute over EU barriers to beef from cattle raised with artificial growth hormones, a common practice in the United States.

The deal is expect to expand a quota for the United States to sell naturally produced beef in the EU.

Ashton also told reporters the European Commission would release next week the long-awaited results of an investigation into whether U.S. enforcement of a ban on Internet gambling violated World Trade Organization rules.

European online gambling companies complain the U.S. Justice Department has unfairly gone after European firms while allowing U.S. companies to operate with impunity. (Reporting by Doug Palmer; Editing by Peter Cooney)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.