Agriculture

Hong Kong Legislature Approves US$32.8 Million To Host WTO Meeting

Hong Kong's legislature approved 256 million Hong Kong dollars (US$32.8 million) on Friday to host the World Trade Organization's sixth ministerial conference, the government said. Financial Secretary Henry Tang said he welcomed the legislature's approval and the Hong Kong government will now proceed "full steam ahead" with the necessary preparations for the conference.

Senate OKs Tax Break Repeal

The Senate voted 92 to 5 on Tuesday to approve a sweeping corporate tax bill that would do away with export and depreciation breaks that banks have gotten for years. The House is expected to take up similar legislation soon.

US Says Trade Talks Need Support Of Developping Countries To Succeed

US trade representive Robert Zoellick called Wednesday on big developing countries to play their part in getting stalled global trade liberalisation talks off the ground. "To take on the challenges of global trade, especially in the Doha negociations, we will need the support of the developing economies", Zoellick said at a press conference at the French senate.

Monsanto Halts Plan For Biotech Wheat

Most of Minnesota's wheat farmers are disappointed that Monsanto is shelving plans for genetically modified wheat that would have been grown mostly in this region, Dave Torgerson, president of the Minnesota Association of Wheat Growers, said Tuesday.

OECD:China Near Overheating, Soft Landing Most Likely

There are some signs that China's economy is overheating, but the most likely scenario is for a "soft landing" via a gradual cooling of growth rates, the Organization for Economic Cooperation and Development said Tuesday in its latest Economic Outlook report.

Monsanto Abandons Worldwide GM Wheat Project

Monsanto has abandoned plans to introduce GM wheat on to the world market despite spending seven years and hundreds of millions of dollars developing the crop.

The Heavy Thud Of American Cotton

Uncle Sam got slapped on the side of the head last month when a World Trade Organization (WTO) panel ruled that multibillion-dollar subsidies by the US to domestic cotton producers violated international trade rules. "This is big stuff," says Clyde Prestowitz, president of the Economic Strategy Institute in Washington.

France Says EU Subsidy Offer Exceeds Commission Mandate

French Agriculture Minister Herve Gaymard said Monday that an offer by the European Union to eliminate EU agricultural export subsidies exceeded the negotiating mandate of the EU executive commission.

EU Offers To Eliminate Its Farm Export Subsidies At World Trade Talks, But Only If U.S., Canada, Japan Follow

Aiming to boost world trade talks and get poorer countries on side, the European Union's top trade negotiators proposed Monday that rich nations, including the United States, Japan and Canada, drop all forms of subsidies on farm export products. EU Trade Commissioner Pascal Lamy said the EU was ready "go the extra mile" to get a midterm deal by July at the World Trade Organization.

Take That, U.S. Farmers!

When a World Trade Organization court ruled on Apr. 26 that subsidies paid to American cotton farmers flout international trade rules, it did far more than just administer a wrist slap to the Bush Administration. The U.S. -- and Europe and Japan as well -- put all of their chips on the WTO backing their position. But they were beaten big time by the world's struggling nations instead.