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E.U. REINSTATES DAIRY SUBSIDIES TO BOLSTER PRODUCERS

Posted by Gilmour Poincaree on January 20, 2009

Tuesday, 20/01/2009

ABC – Rural

PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

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PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

Posted in BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, DAIRY PRODUCTS, ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, RECESSION, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, WORLD TRADE ORGANIZATION | Leave a Comment »

MOMENTUM AND CONFIDENCE IS CRITICAL

Posted by Gilmour Poincaree on January 19, 2009

4:00AM Monday Jan 19, 2009

by Mike Moore

PUBLISHED BY ‘THE NEW ZEALAND HERALD’

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PUBLISHED BY ‘THE NEW ZEALAND HERALD’

Posted in 'DOHA TALKS', AGRICULTURE, BANKING SYSTEMS, CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), FOREIGN POLICIES, G20, GERMANY, INTERNATIONAL, INTERNATIONAL RELATIONS, JAPAN, NEW ZEALAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, UNITED KINGDOM, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

THE TRUTH ABOUT ‘BRITISH’ PORK … THAT COMES ALL THE WAY FROM A POLISH FACTORY FARM (UK)

Posted by Gilmour Poincaree on January 19, 2009

12:29 PM on 17th January 2009

by Danny Penman

PUBLISHED BY ‘THE DAILY MAIL’ (UK)

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PUBLISHED BY ‘THE DAILY MAIL’ (UK)

Posted in COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), FOREIGN POLICIES, HEALTH SAFETY, INDUSTRIAL PRODUCTION, INTERNATIONAL, INTERNATIONAL RELATIONS, PORK, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, UNITED KINGDOM, WORLD TRADE ORGANIZATION | Leave a Comment »

COLOMBIAN COFFEE GROWERS SUE OVER COMIC

Posted by Gilmour Poincaree on January 8, 2009

9:16AM Thursday Jan 08, 2009

Associated Press

PUBLISHED BY ‘THE NEW ZEALAND HERALD’

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PUBLISHED BY ‘THE NEW ZEALAND HERALD’

Posted in AGRICULTURE, COFFEE, COLOMBIA, COMMERCE, COMMODITIES MARKET, CONSUMERS AND PSYCHOLOGICAL FACTORS, CRIMINAL ACTIVITIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOOD PRODUCTION (human), FOREIGN POLICIES, HATE MONGERING AND BIGOTRY, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, JUDICIARY SYSTEMS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE MEDIA (US AND FOREIGN), WORLD TRADE ORGANIZATION | Leave a Comment »

GOLDEN FDI FLOWS AMID THE GLOOM – VIETNAM’S AUTHORITIES ARE UPBEAT ABOUT THE NATION’S GROWING FOREIGN DIRECT INVESTMENT CAPITAL ATTRACTIVENESS IN A TOUGH 2009 DESPITE THE GLOBAL TURMOIL

Posted by Gilmour Poincaree on December 30, 2008

29-12-2008

by Hoang Mai – Vietnam Investment Review

PUBLISHED BY ‘THE VIETNAM INVESTMENT REVIEW’

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PUBLISHED BY ‘THE VIETNAM INVESTMENT REVIEW’

Posted in BANKING SYSTEMS, CEMENT, COMMERCE, COMMODITIES MARKET, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, JAPAN, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, PETROL, PUBLIC SECTOR AND STATE OWNED ENTERPRISES, RECESSION, STEEL, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, VIETNAM, WORLD TRADE ORGANIZATION | Leave a Comment »

INDIA TO TAKE STEPS AGAINST DUMPING OF GOODS FROM CHINA

Posted by Gilmour Poincaree on December 27, 2008

25 Dec 2008, 21:01 hrs IST

PTI

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

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PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in CHINA, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MACROECONOMY, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE WORK MARKET, THE WORKERS, WORLD TRADE ORGANIZATION | Leave a Comment »

CHINA URGES US TO PREVENT PROTECTIONISM AFTER BUSH ADMINISTRATION FILES TRADE CASE

Posted by Gilmour Poincaree on December 24, 2008

December 23, 2008 – 6:28 AM

Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, WORLD TRADE ORGANIZATION | Leave a Comment »

ECUADOR PRESIDENT SAYS WILL MEET MANY DEBTS

Posted by Gilmour Poincaree on December 22, 2008

December 20, 2008

The Associated Press
<brPUBLISHED BY ‘NEWSDAY’ (USA)

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PUBLISHED BY ‘TOPIX.NET’ (USA)

Posted in BANKING SYSTEMS, CENTRAL BANKS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECUADOR, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, WORLD TRADE ORGANIZATION | Leave a Comment »

BRASIL AUMENTA SUBSÍDIOS PARA A AGRICULTURA (Brazil)

Posted by Gilmour Poincaree on December 21, 2008

19 de dezembro de 2008 – 14:45h

Agrolink

PUBLISHED BY ‘SÓ NOTÍCIAS’ (MT – Brazil)

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PUBLISHED BY ‘SÓ NOTÍCIAS’ (MT – Brazil)

Posted in AGRICULTURA, AGRICULTURE, BRASIL, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO AGRÍCOLA, EXPANSÃO ECONÔMICA, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FLUXO DE CAPITAIS, INTERNATIONAL, MINISTÉRIO DA AGRICULTURA, PECUÁRIA E ABASTECIMENTO, O PODER EXECUTIVO FEDERAL, ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD), RECESSION, THE FLOW OF INVESTMENTS, WORLD TRADE ORGANIZATION | Leave a Comment »

PROTECTIONISM REARS ITS HEAD AS WTO TRIES TO WRAP UP DOHA – CONGRESSMEN TELL BUSH TO REJECT TABLED TRADE DEAL – SUMMIT TO END SEVEN YEARS OF TALKS PUT IN DOUBT

Posted by Gilmour Poincaree on December 5, 2008

Thursday December 4 2008

by Larry Elliott, Economics Editor – The Guardian

PUBLISHED BY ‘THE GUARDIAN’ (UK)

A sign that the current crisis is fanning a desire for protectionism emerged yesterday when members of Congress warned George Bush against trying to fast-track a trade deal for the end of the year.

Pascal Lamy, director general of the World Trade Organisation, is considering calling trade ministers to Geneva to conclude the Doha liberalisation talks.

“Unfortunately, the negotiating texts currently on the table would provide little if any new market access for US goods, and important advanced developing countries are demanding even further concessions from the US,” said a bipartisan letter from Charles Rangel, Max Baucus, Jim McCrery and Charles Grassley. Democrats Rangel and Baucus chair the Ways and Means and the Finance committees respectively, while McCrery and Grassley are the ranking Republican members.

“We see no tangible progress, and in fact believe that some of our trading partners have become even further entrenched in their unacceptable positions.”

Lamy wants to bring more than seven years of acrimonious talks to an end with a meeting next weekend, after last month’s summit of G20 leaders in Washington instructed trade ministers to settle differences over agriculture and manufactured goods. Some officials believe it would become more difficult to conclude any deal once Barack Obama is sworn in next month.

WTO sources last night talked of a meeting on December 13, although Lamy was more cautious. In a fax to the WTO’s 153 members, he said he had yet to decide whether there had been enough progress since talks broke down in July: “As we all know, we still have a number of outstanding issues. But the reality is the relevance of what we are doing to the financial crisis,” he said. “If we fail we have a problem; but although there remains the risk of failure, the risks involved in not trying are higher.”

He is concerned that economic distress in the US, Europe and Asia is already prompting countries to use protectionist weapons yet to be outlawed by the WTO – raising tariffs to the maximum permitted, and introducing anti-dumping regulations.

US agriculture secretary Ed Schafer said he was confident a deal could be done, and confirmed that Washington was ready to make a big cut in its agreed ceiling for agriculture subsidies if other countries opened their markets further to US farm produce. “We in the US remain confident we can see a successful completion to the Doha round this year,” he told reporters in Beijing.

However, the Congressmen warned Bush against being rushed into a deal that would be rejected on Capitol Hill. “We strongly urge you not to allow the calendar to drive the negotiations through efforts to hastily schedule a ministerial meeting, without adequate groundwork having been laid.

“Developed and advanced developing countries must commit to provide meaningful new market access opportunities if Congress is to support a deal.’

“Achieving the necessary flexibility from our trading partners could require new thinking … and our negotiators should be given time to explore such options. Otherwise, the likely result will be a deal that Congress cannot support – an outcome that would be detrimental to US farmers, workers and firms, the global economy, and the WTO itself.”

Amy Barry, trade spokeswoman for Oxfam, said: “This round of talks was meant to be primarily about development, not about market access for US farmers and companies. Yet Oxfam is hearing that the US, with tacit support from the European Union, Australia and others, has now put extra demands on the table, mostly about further prising open the markets of major emerging economies.

“These come as China has seen a major fall in its exports, leading to many enterprises closing and huge numbers laid off to go back onto the land … India has lost 20% of its exports in a year, with 1.2m job losses in textiles and clothing alone … It is difficult to understand why anyone would seriously expect China and India to agree to yet more trade concessions.”

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PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in 'DOHA TALKS', AGRICULTURE, CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, G20, G8, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE EUROPEAN UNION, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA, WORLD TRADE ORGANIZATION | 1 Comment »

PUXEU CREE QUE SOBRE LOS PREACUERDOS DE JULIO DE LA OMC PODRÍAN CERRARSE ESTE MES – El secretario de Estado de Medio Rural y Agua, Josep Puxeu, ha señalado hoy que tras el mandato del G-20 de reabrir las negociaciones de la Ronda de Doha de la Organización Mundial del Comercio, si se parte de los preacuerdos de julio podría cerrarse un acuerdo antes de que acabe el mes (Spain)

Posted by Gilmour Poincaree on December 3, 2008


03/12/2008

PUBLISHED BY ‘AGROINFORMACION’ (Spain)

EFE- Durante la inauguración de las Jornadas Internacionales sobre gestión de riesgos en la agricultura europea, que celebra hoy y mañana la organización agraria UPA en Madrid, Puxeu ha destacado que la Unión Europea está en condiciones de afrontar nuevamente la Ronda de Doha, que se reúne a partir del 15 de diciembre en Ginebra.

Ha añadido que ahora que está cerrado el chequeo médico de la Política Agraria Común que define y legitima los apoyos al sector agroalimentario comunitario y se ha obtenido la apuesta clara de la Comisión Europea, respaldada por 24 Estados miembros, de mantener una PAC fuerte más allá del horizonte presupuestario de 2013, la UE afronta con fortaleza las negociaciones de la OMC.

Ha indicado que ya en julio la UE estuvo cerca de cerrar el acuerdo adaptando los apoyos a la agricultura con la liberalización comercial que permitiera el desarrollo de los países emergentes y que siempre que se parta de los preacuerdos alcanzados en julio la predisposición de la UE se mantendrá, en caso contrario se reafirmará en sus premisas.

Puxeu considera que toda vez que la OMC respete los apoyos a la calidad diferenciada, a la seguridad alimentaria, la condicionalidad y el desarrollo rural queda legitimada la PAC y con ello un marco estable de apoyos al sector.

Además ha destacado el importante papel del sistema español de seguros agrarios como apoyo y garantía de las rentas de los agricultores y ganaderos y ha anunciado que se estudiará la petición del sector de incluir líneas que garanticen unos ingresos que cubran los costes de producción o unas rentas mínimas.

En este sentido el secretario general de UPA, Lorenzo Ramos, ha valorado el reconocimiento que de los seguros agrarios subvencionados ha hecho la UE en la reforma de la PAC.

Ha destacado la necesidad de que los agricultores y ganaderos se conciencien de que este mecanismo es una forma de garantizar sus rentas, de momento sólo ante eventualidades climáticas o sanitarias.

Ha demandado a la Administración que estudie la posibilidad de introducir además líneas que cubran a los productores de riesgos derivados de los vaivenes del mercado, como los vividos el pasado año en sectores como el lácteo o el de las materias primas, para poder garantizar unas rentas.

Ha insistido en que ya en su momento se estudió la posibilidad de adoptar un seguro que garantizase unos ingresos que cubrieran los costes de producción y no fue posible, por lo que ha reiterado esfuerzos a la Administración para posibilitar su implantación.

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PUBLISHED BY ‘AGROINFORMACION’ (Spain)

Posted in 'DOHA TALKS', AGRICULTURE, COMMERCE, COMMODITIES MARKET, ECONOMY, FARMING SUBSIDIES, FOREIGN POLICIES, G20, INTERNATIONAL, INTERNATIONAL RELATIONS, REGULATIONS AND BUSINESS TRANSPARENCY, SPAIN, THE EUROPEAN UNION, WORLD TRADE ORGANIZATION | Leave a Comment »

CANADA HAULS US TO WTO OVER COUNTRY-OF-ORIGIN LABELING FOR BEEF, PORK

Posted by Gilmour Poincaree on December 3, 2008

Last update: December 2, 2008 – 5:58 AM

by Bradley S. Klapper – Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

GENEVA – Canada filed a complaint with the World Trade Organization on Tuesday over a new U.S. law that requires retailers to provide country-of-origin labeling for fresh beef and pork, officials said.

The Canadian government said it was concerned the U.S. rules were discriminating against Canadian agricultural exporters, who have lobbied hard for a legal challenge at the WTO.

“We believe that the country-of-origin legislation is creating undue trade restrictions to the detriment of Canadian exporters,” Canadian Trade Minister Stockwell Day said in a statement.

The WTO confirmed receipt of Canada’s complaint.

Canadian farm groups say a growing number of meat plants in the U.S. are refusing to accept Canadian cattle and hogs for processing since the Country Of Origin Labeling (COOL) law went into effect on Oct. 1.

Under country of origin labeling, Canadian cattle and pigs must be segregated in U.S. feedlots and packing plants, prompting some firms to only deal with American livestock. Canadian animals are also required to have more documentation about where they come from and, in the case of cattle, must have tags that indicate they are free of mad cow disease.

The Office of the U.S. Trade Representative in Washington could not immediately comment.

Ottawa’s filing at the Geneva-based trade referee initiates a two-month consultation period between the North American neighbors. If they fail to reach a settlement, Canada can ask the WTO for a formal investigation. Such trade disputes can result in punitive sanctions, but usually after years of litigation.

Canada and the U.S. are the world’s biggest commercial partners, but have battled for years over trade issues involving beef, corn, dairy and wheat. In 2006 the two countries signed an accord on softwood lumber, a key component in home-building, ending a decades-long dispute that once fueled talk of an outright trade war.

“We are committed to a respectful working relationship with our American neighbors,” Agriculture Minister Gerry Ritz said, “but have always made it clear that these new regulations must not discriminate against Canadian producers.”

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PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in CANADA, CATTLE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, FOREIGN POLICIES - USA, INDUSTRIAL PRODUCTION - USA, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, PORK, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE PRESIDENCY - USA, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

DOHA TALKS MAKE HEADWAY

Posted by Gilmour Poincaree on November 29, 2008

Nov 28, 2008 1:19 PM

PUBLISHED BY ‘TVNZ’ (New Zealand)

Talks to unstick the Doha Flag Raising Ceremony The United Nations flag is raised outside the Doha Sheraton Convention Centre, as representatives of the Government of Qatar turn over the facilities to United Nations authorities in preparation for the opening of the Follow-up International Conference on Financing for Development to Review Implementation of the Monterrey Consensus. Representing the Government of Qatar - Mohamed Abdullah Al-Rumaihi Deputy Minister, Ministry of Foreign Affairs -  Representing the United Nations - Shaaban M. Shaaban Under-Secretary-General for General Assembly and Conference Management - Sha Zukang Under-Secretary-General for Economic and Social Affairsworld trade round have made some headway, ambassadors to the World Trade Organisation (WTO) said on Thursday.

New Zealand ambassador Crawford Falconer, who chairs the WTO negotiations on agricultural products, said that countries have begun to budge from their positions in the wake of a high-level political push for an agreement.

“I have seen some material change, but not all the things I would like to have seen have happened,” he told reporters after an evening meeting at the WTO’s Geneva headquarters.

US President George Bush and other leaders have been pushing for a breakthrough in the seven-year-old WTO talks as a means to bolster the troubled global economy.

A new WTO agreement would cut subsidies and tariffs on a wide range of traded goods and cross-border services, prying open food, fuel, transportation and other markets and therefore encouraging global economic activity.

WTO Director-General Pascal Lamy has been looking for signs of movement in technical talks between diplomats before inviting trade ministers to Geneva to hammer out a deal in agricultural and manufactured goods – the two main areas of the Doha accord.

Talks earlier on Thursday skated over sensitive issues such as the levels of US subsidies on cotton, and a controversial facility to let poor countries shield subsistence farmers during crises, envoys said.

“We had more positive discussions than we had before,” Brazil’s WTO ambassador Roberto Azevedo said of those talks.

A dispute about the “special safeguard mechanism” for farmers caused a meeting of ministers in July to fail, with India squaring off against the United States and other countries who said the facility could actually close off existing markets instead of opening up new ones.

Azevedo told journalists that in Thursday’s talks on that mechanism “there wasn’t exactly convergence or agreement, but there was no clear-cut rejection.”

“You learn in these negotiations to read between the lines,” he said. “There was certainly more engagement, more interaction than there was before.”

Diplomats that a ministerial meeting next month could start around December 13, though no dates are expected to be set until Sunday or later.

Estimates of the benefits of the WTO accord vary widely. A recent study from the US-based International Food Policy Research Institute said more than $US1 trillion of trade was at stake.

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PUBLISHED BY ‘TVNZ’ (New Zealand)

Posted in AGRICULTURE, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, G20, INTERNATIONAL, INTERNATIONAL RELATIONS, NEW ZEALAND, QATAR, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE PRESIDENCY - USA, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

UNCERTAINTIES BEDEVIL PLANS TO KEEP WORLD TRADE FLOWING

Posted by Gilmour Poincaree on November 29, 2008

28/11/2008 1:00:00 AM

PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Trading nations around the world are saying the right things about preventing a surge of protectionism that would choke Pakistani investors monitor the index at Karachi Stock Exchangeglobal trade when it needs to be boosted to help pull economies out of their slump. But amid fears of a deepening recession stretching beyond 2009, will governments act in conformity with their promises?

Leaders of the 21 economies in APEC, the Asia Pacific Economic Cooperation forum, hit the right notes when they issued a statement during their summit in Lima, Peru, last weekend. To counter calls to shield countries and industries from competition by restricting imports, the APEC leaders, who oversee half the world’s economic activity, said that in the next 12 months they would not raise new barriers to investment or to trade in goods and services, impose new export restrictions, or implement measures inconsistent with the World Trade Organisation, including those that stimulate exports.

This was an endorsement of the free trade section of a declaration issued by the summit of the Group of 20 advanced and emerging economies in Washington on November 15. The G20 accounts for about 90 per cent of global economic activity and 80 per cent of trade. Australia, Canada, China, Indonesia, Japan, Mexico, Russia, South Korea and the US are members of both APEC and the G20. So the combined words of leaders of these two groups should carry weight.

Yet two days after Russia’s President, Dmitry Medvedev, put his name to the G20 declaration, his Deputy Finance Minister, Dmitry Pankin, announced that Moscow would raise tariffs on imported cars to protect Russian producers.

Russia has also announced a general review of trade agreements that may lead to a further increase in import duties and a cut in quotas for allowable imports. Russia says these measures were planned in advance of the G20 meeting. ”No one said that anyone should scrap existing barriers or go back on existing decisions,” Mr Pankin explained.

China, which is anxious to help exporters hit by falling demand in the US and Europe, took a somewhat different tack. Three days before the G20 summit it raised export tax rebates paid on more than 3700 types of goods almost 28 per cent of the total sold overseas. Yet China has a huge trade surplus and has been criticised by economists who argue that the export sector receives too much favorable treatment from the government, which should instead stimulate domestic demand.

So far there has been no reneging on APEC and G20 free trade pledges. But these are early days. It will take resolute national leadership and continuing international consultation to resist protectionism as economic woes get worse and cries for help by affected industries become louder.

Fredrik Erixon, director of the European Centre for International Political Economy, a free-trade think-tank in Brussels, is concerned that the APEC and G20 pledges still leave scope for countries to impose anti-dumping duties on imports deemed to be below the cost of production, and to provide emergency state aid to politically sensitive industries. Indeed, he says that such measures are supplanting permanent import tariffs as the main method of protectionism and were not covered by either the APEC or G20 statements.

Still, APEC went somewhat further than the G20 in supporting an early resumption of WTO negotiations to liberalise international trade. These negotiations collapsed last July after seven years because of disagreements between the US and India, backed by China, over the extent to which agriculture in developing countries should be shielded from foreign competition.

China’s President Hu Jintao said in Lima that Beijing believed reviving the WTO talks and bringing them to a successful conclusion should be a top priority. APEC leaders directed their trade ministers to meet in Geneva next month to try to advance the WTO negotiations. Prime Minister Kevin Rudd said a successful outcome would be a ”huge shot in the arm for the global economy” and to confidence.

If the world trade deal stalls again, there is another option for Pacific Rim nations. They could forge a trans-Pacific free trade agreement. The Bush Administration in the US, Australia and Peru announced recently that they would join Brunei, China, New Zealand and Singapore in talks to try to build the core of a free trade area of the Asia-Pacific. The first round of negotiations will be held in March in Singapore.

However, the Obama factor is looming over all these issues. Barack Obama, the US President-elect who takes office in January, outlined a potentially protectionist agenda during the election campaign. He said he would renegotiate the North American Free Trade Agreement with Canada and Mexico and a pending bilateral deal with South Korea, rebalance economic ties with China to reduce the huge US trade deficit, challenge unfair trade in the WTO and elsewhere, and discourage US companies from outsourcing work to countries such as India and the Philippines.

If Obama, backed by a Democratic majority in Congress, takes up these cudgels, the prospects of success in both the WTO and trans-Pacific trade liberalisation negotiations will recede while the likelihood of a slide into wider tit-for-tat protectionism will increase.

The International Chamber of Commerce pointed out recently that parallels are being drawn between the financial and economic crisis of today and the Great Depression of the 1930s. ”Almost 80 years ago, many nations reacted to the Great Depression by raising border tariffs and ended up making matters worse for themselves included. Beggar-my-neighbour protectionism ended up beggaring everyone. That is one of the most unambiguous lessons of the 1930s,” the chamber said.

Obama and the leaders of other major economies and trading nations should bear this in mind as they consider policies for 2009 and beyond.

The writer, a former Asia editor of the International Herald Tribune, is a visiting senior research fellow at the Institute of South-East Asian Studies in Singapore.

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PUBLISHED BY ‘THE CANBERRA TIMES’ (Australia)

Posted in AGRICULTURE, AUSTRALIA, BANKING SYSTEMS, CANADA, CENTRAL BANKS, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL MARKETS, G20, INDONESIA, INTERNATIONAL, JAPAN, MEXICO, PERU, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RUSSIA, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

BANANA FIGHT THREATENS DOHA DEAL – Deals in the Doha global trade talks next month are at risk if the European Union fails to settle a long-running banana dispute

Posted by Gilmour Poincaree on November 27, 2008

November 27, 2008

by Alonso Soto in Quito, Ecuador

Article from: Reuters

Ecuador, the world’s top banana exporter, said it would not agree to agricultural accords in the Doha talks after the World Trade Organisation upheld a ruling against the EU in the lung-running “banana wars” pitting Brussels against the United States and Latin American producers.

“Unfortunately, our country will not agree to the consensus to settle the agriculture terms of the (Doha) round … if this problem is not properly resolved by then,” the Foreign Ministry said in a statement.

A top government official told Reuters later that Latin American banana producers were demanding that the EU lower import tariffs on the fruit, beginning with a series of cuts starting next year.

The official, who asked not to be identified, said the EU should eventually cut its current duty of €176 ($349) per tonne of bananas to €114 ($226) in eight years.

Latin American states came close to securing a deal with the EU during a WTO ministerial meeting in July, but Brussels walked away from the deal when the broad Doha negotiations fell apart.

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PUBLISHED BY ‘THE AUSTRALIAN’ (USA)

Posted in 'DOHA TALKS', AGRICULTURE, BELGIUM, COMMERCE, COMMODITIES MARKET, ECONOMY, ECUADOR, FRUITS AND FRESH VEGETABLES, INTERNATIONAL RELATIONS, LATIN AMERICA, THE EUROPEAN UNION, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

FREE TRADE HURTS FARMERS, CLAIMS NFU PRESIDENT (Canada)

Posted by Gilmour Poincaree on November 23, 2008

Published: Friday, November 21, 2008

by Joanne Paulson, The StarPhoenix

Grain prices may have soared earlier this year, but the 20-year average income of the Canadian
family farmer remains at zero, the president of the National Farmers Union (NFU) said Thursday.

Farmers have generated two-thirds of a trillion dollars in gross income during that time and have kept none of it, said Stewart Wells in an address to the NFU convention at the Hilton Garden Inn.

“Farmers have been brought up to that zero mark due to taxpayers’ transfers,” Wells said later in an interview.

While grain prices were quite high during the spring and summer, other commodities including beef, pork and potatoes have been tanking for some time. Meanwhile, input costs have risen faster than commodity prices and as commodities have dropped off, input costs have not.

These problems have narrowed the window of economic viability, he said. Once, farmers had three or four years to harvest a crop that would get them out of the hole. Today, they’re lucky if they have one or two years, said Wells.

“We need a systemic Canadian-made policy that will allow family farms to grow high-quality, safe food for Canadians.”

Farmers have worked too hard to grow safe food for it to go into corporate production plants where it can be contaminated with listeriosis, said Wells.

Farming problems are not cyclical, but systemic, and began with the free trade agreements that began to fall into place in the late 1980s, he said. Between 1945 and 1985, farm income was relatively stable.

“Now we’ve fallen completely out of that channel,” said Wells.

Family farmers are not surprised by the erosion of the global economy. They saw it coming with the first free trade agreements of the late 1980s, which allowed for more lax regulations and food safety processes for trading partners.

Wells says he is not opposed to all free trade, but he said the agreements must enhance local economies rather than replace them.

CWB ELECTION UNDEMOCRATIC: WELLS

Wells also slammed the Harper government for what he says is an undemocratic approach to running – and trying to get rid of — the Canadian Wheat Board.

“Over the last three years, we’re seeing how thin this veneer of democracy really is,” said Wells.

In the upcoming CWB election, between 10,000 and 15,000 wheat board permit book holders will not be voting, Wells estimated. Under new election parameters, only permit book holders who delivered to the CWB in the last 15 months (or two crop years) were automatically placed on the voters list.

The changes were mandated by the Harper government and set out by Agriculture Minister Gerry Ritz and by Chuck Strahl before him.

The CWB election is managed by official election co-ordinator Meyers Norris Penny, but should be taken over by Elections Canada in the future, said Wells.

Asked how the voters list problem will affect the election – which pits single-desk advocates against open market candidates in many cases – Wells said, “we’ll never know.”

Wheat board directors are elected in five of 10 districts per election, which are two years apart, to maintain board continuity. The same election rules applied two years ago, said CWB spokesperson Maureen Fitzhenry.

Fitzhenry said the permit book holders were eligible, but just weren’t automatically on the list. An oversight with unclear wording on the voters application form did cause some problems, but the oversight was fixed, she said.

Non-permit book holders were also eligible to vote if they could prove they had grown one of the major six grains in the last two years.

“We’re very committed to running the election in the most neutral, balanced way so the process has integrity,” said Fitzhenry.

© The StarPhoenix (Saskatoon) 2008

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WTO TO DECIDE SOON ON NEW DOHA TALKS

Posted by Gilmour Poincaree on November 20, 2008

First Posted 14:58:00 11/20/2008

by Alan Raybould – Reuters

SIEM REAP, Cambodia – WTO Director-General Pascal Lamy said on Thursday he would decide rapidly whether to call a ministerial meeting to pursue a Doha trade agreement but played down a Dec. 8 deadline suggested by a Brazilian minister. PASCAL LAMY - 'HOCUS-POCUS AND ABRACADABRA JUST AS WELL ... THAT OUGHT TO WORK

He said ministers from some of the world’s poorest countries meeting in Cambodia this week on trade and aid matters were pushing for a quick deal because they feared protectionist groups would use the global economic slump to push their agenda.

Leaders of the G20 group of rich and emerging economies pledged on Saturday to try to agree on the outlines of a new accord in the World Trade Organization’s (WTO) Doha round by the end of the year to help deal with the financial crisis.

In an interview with Reuters, Lamy acknowledged the political impetus but said he needed to be sure there would be broad agreement on technical matters before calling ministers to the WTO headquarters in Geneva.

“I haven’t yet taken a decision but I know I have to take it rather rapidly,” he said, adding he would be back in Geneva on Friday morning working on plans.

Brazilian Foreign Minister Celso Amorim said this week that a meeting would need to be called by Dec. 8 if a deal was to be had by the end of the year.

Lamy played down such deadlines.

“They all have their own notion of timing because they all have their own constraints. We know we don’t have much time left,” he said. “The technical options should be on the table 10 days before the ministers negotiate them.”

He said the economic crisis made it all the more crucial to get a deal quickly, especially for poor developing countries wanting market access for their goods.

“Given the economic crisis, the percolation of the financial crisis into the economy, they believe what’s on the table will be in danger if it only happens six months, a year, a year-and-a-half from now,” Lamy said.

He gave the example of tariff ceilings set in existing trade agreements, which are typically higher than the actual tariffs imposed by countries.

“Their fear is that with the economic crisis biting, protectionist lobbies will look for more protection and the applied tariffs will be raised.”

The Doha round was launched in the Qatari capital seven years ago to free up world trade by cutting farm subsidies, and reducing tariffs on agricultural and industrial goods, with a clear mandate to help developing countries.

A meeting of ministers in July came close to a breakthrough but faltered because of differences between the United States and India over measures to protect subsistence farmers in poor countries from a surge in imports.

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APEC MINISTERS BACK G20 TRADE PUSH

Posted by Gilmour Poincaree on November 20, 2008

First Posted 09:47:00 – 11/20/2008

Agence France-Presse

LIMA – APEC leaders meeting in Peru are to push to revive moribund global trade talks by the end of The Asia Pacific Economic Cooperation (APEC) leaders stand behind Australian Prime Minister John Howard as he delivers the APEC final declaration at the close of their weekend summit in Sydney, Australia, Sunday, Sept. 9, 2007.the year as a way of combating the world economic crisis, officials here said Wednesday.

The Doha round of trade negotiations, which hit a dead end in July, should be brought back in line with the recommendations of the G20 summit held in Washington last Saturday, foreign and trade ministers from the 21-member Asia-Pacific Economic Cooperation forum agreed.

“The time has come for the Doha round to be brought to a conclusion, and that I think is the main topic of conversation for APEC this week,” Australian Foreign Minister Stephen Smith told reporters after a meeting with his APEC counterparts.

APEC leaders meeting on Saturday and Sunday will likely “direct trade ministers to meet before the end of the year in an effort to bring the Doha round to a successful conclusion,” he said.

US Trade Representative Susan Schwab said the ministers’ meeting was “devoted to these discussions about how do we get this elusive breakthrough on Doha.”

“This is APEC’s opportunity to put its stamp on and build on the G20 leaders’ declaration,” Schwab said.

Japanese Trade Minister Toshihiro Nikai told reporters: “We are all united and heading toward the same direction.”

On World Trade Organization (WTO) negotiations, “we renewed our determination to take action in line with the strong message sent at the (G20) summit,” Nikai said.

Leaders from the Group of 20 major developed and developing powers committed at the emergency summit in Washington to counter the financial crisis by striving to “reach agreement this year” on the trade talks.

Several nations, including the United States, Japan, China and Russia, are members of both the G20 – which includes the world’s biggest industrialized and developing nations – and APEC.

In Washington, US President George W. Bush’s advisor for international economic affairs, Dan Price, said Bush would be backing the G20 response to the international economic meltdown at the APEC summit.

“I will say that certainly one of our priorities … would seek to broaden the support for that declaration by having it endorsed by the other members of APEC,” he said.

The Doha-round talks failed at the WTO headquarters in Geneva because of a disagreement between the United States and India over cotton.

Officials have since described that obstacles on narrow issues as that, given the subsequent financial crisis, could be overcome to allow a global trade deal to be reached.

“The urgent need for (a deal) is even more compelling now,” Smith said.

The APEC gathering was also showcasing the rising political might of the world’s big emerging economies, which sat alongside the wealthy nations at the G20 summit.

Chinese President Hu Jintao’s arrival Wednesday ahead of the summit generated intense media coverage in Peru, with live television broadcasting his escorted trip from the airport to the center of Lima to see Peruvian President Alan Garcia.

Hu was on the final leg of a Latin American tour that included Costa Rica and Cuba.

With so many ministers and officials converging on Lima, security was heavy.

Some 39,000 police have been deployed in Lima and another 60,000 officers were on full alert across the rest of the country, which is still haunted by a bloody Maoist insurrection in the 1980s and 1990s.

The presence of Bush – on his last scheduled overseas trip as US president – was expected to stir protests, with Peru’s main labor union blaming him for the global financial turmoil and promising a demonstration on Friday.

APEC comprises Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Taiwan, Thailand and Vietnam.

The bloc, created in 1989, accounts for 60 percent of the planet’s economic output and nearly half of its trade.

Copyright 2008 Agence France-Presse. All rights reserved.

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HAY QUE ROMPER CON EL MODELO NEOLIBERAL Y EL SISTEMA CAPITALISTA – Sentenció Evo Morales al intervenir ante Naciones Unidas

Posted by Gilmour Poincaree on November 18, 2008

17/11/2008

NACIONES UNIDAS, 17 de noviembre. – El presidente boliviano, Evo Morales, planteó este lunes romper EVO MORALES AT THE UNcon el neoliberalismo y el sistema capitalista, además de reformular las normas de la Organización Mundial del Comercio (OMC) para salir de la crisis financiera mundial, informó ABI.

“Para salir de la crisis hay que romper con el modelo neoliberal y el sistema capitalista”, afirmó el mandatario ante el pleno de la Asamblea General de las Naciones Unidas.

En Bolivia, dijo, se ha comenzado a cambiar la política neoliberal dignificando al Estado y resolviendo los problemas sociales, lo que ha permitido sobrellevar los efectos de la crisis financiera global.

“El comercio injusto implementado por algunos organismos internacionales no es la solución para mi país”, señaló Morales, quien apuntó, además, que para salir de la crisis financiera hay que cambiar las reglas de la Organización Mundial del Comercio (OMC).

El sistema financiero mundial debe ser reestructurado por los 192 países que forman las Naciones Unidas y no solo por los 20 más desarrollados, declaró en referencia a la Cumbre del G-20 celebrada hace poco en Washington.

De igual forma, se debe reestructurar el Banco Mundial (BM) y el Fondo Monetario Internacional (FMI), señaló Evo.

Criticó que en menos de 15 días los países que integran el G-20 hubieran otorgado 30 veces más dinero a los bancos del Wall Street que a los recursos que se destinan para conseguir los Objetivos del Milenio, entre ellos acabar con la pobreza.

Según EFE, durante su intervención, el Jefe de Estado también agradeció a la comunidad internacional el apoyo a su gestión en la crisis política que vivió Bolivia recientemente.

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WTO WARNS TRADE FINANCE DETERIORATION

Posted by Gilmour Poincaree on November 17, 2008

15/11/2008 14:50:00

The World Trade Organization warned Wednesday that the financing of global commerce WTO Director-General Pascal Lamyis “deteriorating” amid the financial crisis and the situation is likely to worsen over the coming months.

“The market for trade finance has severely deteriorated over the last six months, and particularly since September,” WTO Director-General Pascal Lamy told ambassadors of the organisation’s 153 members following a meeting with trade experts and bankers.

“The view expressed this morning by the trade finance practitioners is that the situation is likely to deteriorate further in the months to come,” Lamy said.

He was speaking after a meeting at the WTO’s headquarters here with experts and representatives from top banks involved in trade finance – but without the presence of key invitees such as the heads of the World Bank, Robert Zoellick, and the International Monetary Fund, Dominique Strauss-Kahn.

Even at the time the meeting was announced in October, trade sources indicated that Zoellick and Strauss-Kahn might not attend in person but could send specialists well-versed in trade finance matters.

Representatives from key banks active in the field of trade finance such as HSBC, JP Morgan, Citigroup, Royal Bank of Scotland and Commerzbank did attend the meeting, WTO sources said.

Armando Mariante Carvalho of the Brazilian national development bank (BNDES) said the meeting touched on all aspects of the financial crisis and its impact on trade.

“A summary of the situation of the crisis was made, with an emphasis on the trade finance problems, which are quite severe,” Carvalho told journalists.

“Nobody knows how deep and how long this crisis will be, and how 2009 will be affected and how the trade flow will be affected,” he warned.

Brazil has so far not suffered too badly even though some international credit lines have dried up, as the BNDES and the central bank have been able to provide necessary funding, he said.

In October, credit volumes dropped around 20 percent compared to the annual average, equivalent to around 16 billion dollars, Carvalho said.

Another banker from Citibank, who did not give his name, said merely that trade financing “has not dried up, but it can always be better.”

Lamy said last month that the WTO could act as a model of how to regulate anew the global financial system in the wake of the crisis that has seen Wall Street titans humbled and unprecedented levels of state intervention in the banking sector.

“At a time when there are renewed calls for a better regulation in the financial area, the WTO system provides an example of how the lessons of history and experience have led to the construction of a system of international governance,” Lamy said.

On Wednesday, Lamy reiterated once more his call for the WTO’s members to finally conclude the Doha Round of trade liberalisation talks which have made scant progress since they were launched in the Qatari capital seven years ago.

“My sense is that we are not that far away from our objective of concluding the round, even if a number of tough nuts remain to be cracked,” particularly on agriculture and industrial goods, Lamy said.

“My sense is that we can achieve modalities in these two areas by the year-end. I remain of the view that it is doable,” he added.

AFP

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MIRZA AZIZ TURNS DOWN WB’S PLEA TO CUT FARM SUBSIDY – The farmers will not be able to use adequate inputs like fertiliser if the agricultural subsidy is withdrawn (Bangladesh)

Posted by Gilmour Poincaree on November 16, 2008

Sunday November 16 2008 11:34:06 AM BDT

Finance and planning adviser Mirza Azizul Islam has turned down a donor agency suggestion to cut Newly appointed Advisor for Ministry of Finance, Planning, Commerce and Posts and Telecommunications Dr. A B Mirza Azizul Islam was born in Sujanagar, Pabna on 23 February 1941. He studied BA (Hons.) and MA in Economics from Dhaka University. He studied M A in Development Economics at Williams College, Masachusetts, USA in 1975. He also obtained Ph.D in Economics from Boston University, USAagricultural subsidy saying “it would be risky in the prevailing global situation”.( The Financial Express)

“I am afraid that’s not a feasible option unless we have the land reforms done,” he said at a launching session of the two-day South Asia regional conference on managing food price inflation in a city hotel Saturday.

“The farmers will not be able to use adequate inputs like fertiliser if the agricultural subsidy is withdrawn. It will bring down the production. The country’s food security will be affected,” Dr. Aziz said in response to a suggestion made by World Bank (WB) in the conference.

WB South Asia Regional Director Sadiq Ahmed said a country like Bangladesh should address food security concerns by focusing on farm productivity rather than through subsidised inputs.

“The saved subsidy could be redirected to areas that support farm productivity including spending on rural infrastructure, farm technology, research and extension,” Mr. Ahmed said.

The World Bank and local research firm Power and Participation Research Centre (PPRC) jointly organised the conference.

Economists, policymakers, bureaucrats, agriculture experts, and political leaders from six South-Asian THE MEANING OF SUBSIDIES IN THE DEVELOPED COUNTRIEScountries, and representatives from donor agencies spoke at the function, with economist Professor Wahiduddin Mahmud in the chair.

Mirza Aziz said: “We can think on the issue of diverting subsidy fund to develop the rural infrastructure. But it could be a long-term programme. At this moment, we can not take the risk of withdrawing subsidy from agriculture.”

About the food inflation, the finance adviser said: “Agricultural credit growth during the last financial year has lifted the retention capacity of the farmers. It has been affecting the domestic food price despite bumper boro production.”

He, however, said the government will encourage the growth of the agricultural credit in future days.

The adviser said food stock in the country is satisfactory as it now stood at over 1.4 million tonnes compared to 0.4 million tonnes that this government inherited.

Senior economists Prof. Mahmud said: “Adequate food stock does not mean that the price will come down in the market. I think the prices of rice and wheat will not decline to the level that prevailed a AUSTRALIA AND THE EUROPEAN SUBSIDIESyear ago.”

“In the open market economy there are some complexities. Prices of food grain are not down despite adequate supply.”

“The market price depends on the purchase price of stock by the businessmen. I think the businessmen stock-piled at high prices. For this reason, the food price in local market is still high,” he said.

Prof Mahmud suggested raising the employment opportunities and wages of poor people for establishing balance between food inflation and entitlement to foods.

“Apart from food inflation, another risk of global recession has emerged recently. So, the government will have to take prudent steps for future food security,” he said.

Former education minister Osman Farruk said: “The donors always press the government to withdraw agricultural subsidy. But it is an effective measure to improve the productivity of foodgrain and income SUBSIDIES IN THE DEVELOPED COUNTRIES - GETTING PAID FOR NOT DOING ANYTHINGtransfer to the rural poor farmers.”

Former Agriculture Minister MK Anwar said: “If we want to keep the farmers in the field, we need to ensure agriculture as a profitable venture.”

Awami League leader Abdur Razzak laid emphasis on adequate supply of agricultural inputs to the farmers in time and at reasonable prices.

The Financial Express

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CHINA EASES RESTRICTIONS OF FINANCIAL INFORMATION

Posted by Gilmour Poincaree on November 14, 2008

Published: November 13, 2008

by David Barboza

SHANGHAI: China agreed Thursday to loosen restrictions on foreign news and information providers inside the country, settling a trade dispute with the United States, the European Union and Canada.

The agreement, which was signed in Geneva, allows such international news and information agencies as Bloomberg, Dow Jones and Thomson Reuters to more freely compete and sell their services inside China, where government controls were tightened in 2006.

The United States and the EU had filed a case against China at the World Trade Organization in March arguing that China unfairly required foreign news and financial information providers to be licensed by the Xinhua News Agency, a Chinese state-controlled entity that is the official news agency of the Communist Party and also a direct competitor of the foreign news companies. Canada later filed its own complaint against China.

According to the settlement, China agreed to remove the requirement that financial news providers be licensed by Xinhua and instead will set up an independent regulatory agency to oversee all financial news and information providers.

Foreign news and financial services companies are eager to sell their services into China’s booming financial services market, where a growing number of Chinese companies and government agencies are seeking valuable and timely news and financial information.

The U.S. trade representative, Susan Schwab, said in a statement released Thursday that the settlement was a major step toward making financial information more widely available.

“I am very pleased we have been able to sign an agreement with China today to allow financial information suppliers like Bloomberg, Dow Jones, Thomson Reuters to operate in China free of unfair restrictions that threatened to place them at a serious advantage,” she said.

The pledge by China to establish an independent regulator is “especially important,” she added, according to Bloomberg News. “The independence of the regulator is critical to ensuring a legal environment that is free of damaging potential conflicts of interest.”

The European trade representative, Catherine Ashton, also praised the deal, according to Bloomberg.

“Today’s agreement ensures that investors and market operators will be able to receive comprehensive and objective financial information,” she said in a statement issued in Brussels.

Judith Czelusniak, a spokeswoman for Bloomberg, said the accord would encourage growth of China’s financial-services industry, economy and capital markets because it “serves the vital interests of Chinese consumers of financial information.”

“More broadly, it recognizes the benefits of open markets and competition among providers and strengthens the global trading system,” she said.

In a statement, Dow Jones, a unit of News Corp., said the agreement would “benefit our customers in China by allowing them to receive timely information so they can make sound financial decisions,” Bloomberg reported.

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