Word: cottons
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...world of perfect Ricardian economics, West African cotton growers would be thriving. That's because they can produce and trade high-quality cotton more cheaply than just about anyone?for about 31? per lb., compared with...
...subsidies U.S. cotton farmers receive help destroy any advantage West Africa's farmers have. Since the mid-1990s, when U.S. exports of subsidized cotton began growing?according to Oxfam, U.S. sales went from a low of 17% of the world export market in 1998 to 41% in 2003?the world cotton price has dropped by more than half. The International Cotton Advisory Committee, which promotes cooperation among cotton-producing countries, estimates that developing-world cotton growers, including Burkina Faso, Brazil, India, Mali and Pakistan, have lost $23 billion over the past four years to Western subsidies. The irony, says Oxfam...
...Developing nations are beginning to use the WTO to push back. Brazil, now the world's second biggest cotton exporter after the U.S., last year won a WTO ruling that Washington's cotton subsidies unfairly distorted world trade. A U.S. appeal was denied. And when Congress failed to act on U.S. Department of Agriculture proposals to fix the WTO problem by a September deadline, Brazil, exercising its right under WTO rules to "retaliate," announced that it would no longer honor patents and copyrights on U.S. movies, pharmaceuticals and other items. The U.S. warned Brazil to back off or face...
...Despite the ruling, U.S. cotton growers argue that their cotton-support schemes fall within WTO limits. The Cotton Council of America, an industry group, says that blaming U.S. subsidies for low prices oversimplifies the world market and ignores other factors, such as increased production in Central Asia, thanks to political and economic stability, and use of new technologies. Efforts to blame U.S. cotton farmers for West Africa's woes "are misleading and misrepresent the forces at work in world fiber markets," says National Cotton Council (NCC) vice chairman Allen Helms Jr. The NCC says it is prepared to accept subsidy...
...which backed the Brazilian case, say the debate has dragged on for so long that they not only want subsidies to be cut but also need compensation for export-earning losses. "Africans are in a situation that if they don't do anything, it's possible that the cotton sector will disappear," says ministerial adviser K?b?...