U.S., Brazil agree on path toward negotiated solution of cotton dispute

09:03, April 07, 2010      

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The United States and Brazil agreed on Tuesday on a path toward a negotiated settlement over a long-running cotton dispute caused by American subsidies.

"We now have a clear path forward, one that is in the best interest of both the United States and Brazil," said U.S. Trade Representative Ron Kirk in a statement.

"As a result of our discussions with Brazil we have avoided imposition of higher tariffs against hundreds of millions of dollars in U.S. goods exports which were scheduled to go into effect this week," Kirk added.

Brazil announced last month a final list of 829 million dollar products that would face higher tariffs beginning on April 7, 2010. Goods on the list include autos, pharmaceuticals, medical equipment, electronics, textiles, wheat, fruit and nuts, and cotton.

The WTO gave Brazil the formal go-ahead last year to impose sanctions on U.S. imports after the body ruled the U.S. government spent too much subsidizing cotton farmers and on an export credit guarantee program.

Source:Xinhua

(Editor:intern1)

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