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This was the first tariff cutting agreement the WTO has managed since ITA 1.0, as it is not officially known, was agreed.
Only a tenth of global tariff cutting is due to regional and bilateral deals.Most bilateral agreements are far from ideal.
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These included slashing controls on the flow of finance, selling off public enterprises, removing import tariffs, cutting expenditure on the rural poor, and several other directives that lured investors.
Only in the mercantilist mindset of trade negotiations, after all, is tariff-cutting a "concession".
Given all that, India should dare to be generous, removing non-tariff barriers, cutting duties on Pakistani imports and making it easier to invest in India.
Instead of raising import tariffs or cutting quotas, countries are slapping "anti-dumping" duties on imports they claim are too cheap.In this section Unfair protection Fall guy Here come the good guys Default setting The banks are coming Hyposuction Surviving Transparent hype ReprintsThe most prominent anti-dumpers are in the United States.
This suggests that developing countries might be interested in a tariff-cutting formula which targets an average cut but allows lower cuts on sensitive commodities.
Brazil and India recently proposed a formula for tariff-cutting that virtually ensured emerging economies would not cut anything.On farm trade, the situation is even worse.
The EU also wants to spare 8% of its products from tariff-cutting.
All countries bar Syria have signed tariff-cutting deals that are supposed to lead to a free-trade zone with the EU by 2010.
Laudable boldness, such as the EU's willingness, despite French opposition, to eliminate export subsidies on farm products, will be tarnished by lamentable timidity, especially on tariff-cutting.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com