It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
WASHINGTON: A new world trade deal, more than six years in the making, finally appears to be within reach, but it may not ease raging global food costs that have protesters pouring into the streets from Egypt to Haiti.
On the contrary, many experts expect a new global pact would actually lift food prices slightly, at least at first.
Policymakers plugging the World Trade Organization’s (WTO) Doha round have said closing a deal on the plan to lower farm subsidies and tariffs the world over would stabilize food markets, lock in lower tariffs and spur food production.
“The poor need lower food prices now,” Robert Zoellick, president of the World Bank, said recently as he called for a “new deal” to respond to the commodity revolution that has pushed up global food prices by over 80 percent since 2005.
“If ever there is a time to cut distorting agricultural subsidies and open markets for food imports, it must be now. If not now, when?" aked the former U.S. trad negotiator
Even prosperous countries such as the United States, where more people are relying on government-funded food stamps to purchase food, are not immune.
Many countries are scrambling to deal with rising food costs, imposing export restrictions or slashing import tariffs in a bid to ease prices at home.