WTO: More of the same

The media are trumpeting the WTO having reached an agreement to revive the trade talks stalled at Cancun, but it's just more of the same. The wealthy countries - the US, EU, and Japan - have agreed to eliminate farm subsidies "at a date to be set". In exchange, the poor countries - who have generally already lowered their barriers to imports - have agreed to a further opening of their markets. Everyone is hailing this as a triumph, but it's just the same old deal we've seen countless times before. And every other time, the rich countries have reneged on their end of it - and then, to add insult to injury, come back next time demanding further concessions to do what they'd already agreed to do in the first place.

The elimination of agricultural tariffs and farm subsidies would be of enormous benefit to developing nations, being worth far more than all the money given in direct aid payments. But I'll believe it when I see it.