Trade ministers gathered at the World Trade Organization in Geneva to give one last push to delivering a Doha Round trade agreement face a world greatly changed since the talks were launched in 2001: shortages and soaring food prices instead of an agricultural glut. Developing countries have dismissed as meaningless a U.S. offer to lower the ceiling on trade distorting U.S. farm subsidies from $22 billion to $15 billion, because payments are currently below the proposed new ceiling. CGD senior fellow Kim Elliott argues for a longer view.
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