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WTO ENDORSES NEW DRAFT AGRICULTURAL TRADE DEAL.
GENEVA, Aug 2 Asia Pulse - Members of the World Trade Organization (WTO) on Saturday put global trade talks back on track as they accepted a revised draft for a framework agreement for global trade liberalization.
The agreement followed overnight negotiations by the WTO's 147 member countries with a core group of 20 countries to resolve the thorny farm framework issues.
At a meeting of WTO General Council, or the WTO's main decision-making committee, the member countries accepted the new text, drafted Friday morning by WTO General Council Chairman Shotaro Oshima.
The text calls for the WTO to adopt a "tiered formula" under which products with higher tariffs will face deeper tariff cuts.
The text proposes that each WTO member be given discretion in designating politically "sensitive" products, such as rice for South Korea and Japan.
A South Korean high-powered delegation is in Geneva to attend a three-day WTO meeting and talks on the sidelines in a last-ditch attempt to set up the framework for a multilateral trade treaty.
Vice Agriculture Minister Kim Joo-soo led the delegation to the meeting, which opened on Tuesday, the first since the breakdown of negotiations in Cancun, Mexico last September.
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