Word: gattes
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...action, however heartfelt and furious, was probably futile. Japanese rice farmers drove their tractors down Tokyo's Ginza to protest the opening of Japan's closed rice market. With the U.S. and the European Community (except France) now in accord on agricultural products at the gatt talks, Japan must either sign on or risk losing trade access. Moreover, Prime Minister Kiichi Miyazawa has hinted at a shift, warning that Japan "must avoid at all costs those things which might endanger the successful conclusion of the GATT talks...
...entrust power to outsiders. Hillary Clinton adds an unexpected twist -- a woman who has earned her place among the shapers of policy through merit as well as marriage. For Europeans, the choice seems clear: Would you rather read about the Clintons or the squabble over agricultural subsidies in the GATT negotiations...
...quality of the grape -- from California, largely. On Friday, U.S. and E.C. trade representatives announced an agreement that reverses Europe's previous refusal to reduce oilseed production, which in turn should head off a transatlantic trade war. Ultimately at stake: a new General Agreement on Tariffs and Trade (GATT), which some say could generate a trillion dollars in trade over the coming decade...
...Though French President Francois Mitterrand, who must still face his nation's angry farmers, may balk at the agreement, U.S. President George Bush hailed the accord as a "breakthrough" that would bring a "comprehensive, global and balanced agreement" on trade that much closer for the 108 nations participating in GATT's Geneva negotiations. The Americans have cause to celebrate, perhaps with a glass of California Chardonnay...
Advocates on both sides of the subsidy issue acknowledge that in the long run, free trade benefits everyone. Seven successful GATT negotiations since 1947 have helped lift global commerce from $57 billion to nearly $3.5 trillion. The U.S. and the E.C. may very well patch together a compromise. "My prediction is that France will back off just enough to make a deal possible," said Lawrence Veit, international economist at Brown Bros. Harriman & Co. in New York City...