US threatens to walk out on world trade talks

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WASHINGTON, FEB 16: The United States could abandon world trade talks if other countries don’t show more willingness to open their markets, US Trade Representative Rob Portman said on Wednesday. The United States “needs to be in a position to walk away” if the negotiations fail to lead to a satisfactory agreement, Portman said at a hearing before the House of Representatives Ways and Means Committee. Portman said he still hoped the 149 member-countries of the World Trade Organisation would reach an agreement by the end of this year.
But without more progress, the United States could lose patience with the talks, he said. “We put our best offer on the table on not just agriculture, but on (manufactured goods) and services,” Portman said. “If others do not come up with commensurate offers, at some point you may have to say that this process is not one conducive to a good result.” Countries have set a new late April deadline to agree on a basic blueprint for reducing agricultural and industrial tariffs. They had hoped to do that at Hong Kong meeting in December, but gave up before they even arrived because of sharp disagreements over how far to cut.

Reuters

http://www.financialexpress.com/fe_full_story.php?content_id=117831