A seven-year effort to forge a new global trade pact collapsed over farm tariffs Tuesday, reflecting a dramatic shift in the influence and the interests of trading powerhouses China, India and Brazil.
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Informative article about the failure by WTO negotiators to reach an agreement over farm tariffs -- originally intended to benefit farmers in poor countries by giving them greater access to wealthy markets. This report provides useful factual evidence, cites multiple sources familiar with the trades summit, and offers important context to put it in perspective.
The article explores the reasons for the failure of the Global Trade Talks from several viewpoints in this era of cursory 30-second overviews by corporate and cable news media. U.S. Trade Rep Susan Schwab bemoaned the failure in face of rising global food shortages: "it's unconscionable that this came down to how much countries could raise their barriers to imports of food." Implicit in this failure is an even bigger question: is this really about food,? Or about the bigger question of emerging sovereignty of the next world powers?