The third ministerial convention of the World Trade Organization (WTO) is soon to be held in Seattle, USA, toward the end of this month. By then, a new round of world multi-lateral trade negotiations will be on. Great impact will be brought about by the new "millennium round" of negotiations on world trade and development of the world economy. This has likewise called close attention of the parties concerned. Though the negotiations will be held, the US, the EU, Japan and the developing countries all grievously differ on the agenda of the negotiations.

In mid October, President Bill Clinton wanted to add five items to the agenda the US is going to project in a new round of trade negotiations. The five items include doing away with all export subsidies to agricultural products, cut duty on goods and service trade (no taxes levied), instituting new labor and environment standards and a strict observance of set rules and regulations promulgated. The EU and Japan also take an uncompromising stand on some issues concerning their own respective interests. The EU recently ironed out the differences of its member countries on audio-visual products and social standards, thereby laying a basis for "speaking in one voice" in the coming negotiations. On the problem of agricultural products, Clinton castigated the EU for using half of its budgets, about 85% of world agricultural export subsidies, to subsidize its agricultural exports. So he vowed to put a stop to this unfair practice of the EU while the latter protested that it wants to fight to protect its European agriculture "at any cost".

Japan takes the side of the US for a cut of agricultural subsidies by the EU, but rejects the demand for doing away with its subsidies to trawlers. Meanwhile, to fight anti-dumping for cut imports by the US, Japan has united about 20 countries and requested for a re-discussion on the rules and regulations of the WTO about forbidding dumping goods with subsidies given.

For the part of the developing countries, they likewise hoped to see that their interests be guaranteed through this round of negotiations.

Though the parties concerned have tried to achieve a consensus many times on the agenda of the new round of negotiations, yet divergences has excluded this possibility. It is predicted a fierce fight will be unavoidable between the US, the EU, Japan and the developing countries for a due share of interests desired. In the past, there was the "Uruguay Round" of multi-lateral trade negotiations that had taken eight years. This time now the US hopes that the new round of negotiations will be completed within three years. But quite a few of analysts in the West suspect this goal set by the US.

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