The story doesn't mention that the Doha Round does not address mercantilist government currency manipulations, a glaring oversight that makes the whole agreement worthless.
Schwabb is worried that the next administrations in the US and Europe won't be so satisfied with this agreement, and that if it doesn't pass now, it may never pass. Spefically:
"If you don't do it in 2008, 2009 and 2010 are not likely to help us accomplish it" because of the change in the U.S. administration, a turnover in the leadership of the European Commission and a variety of other reasons, Schwab said.
Schwabb says that the agreement would eliminate the barriers to US exports in the distant future, specifically:
She also suggested the payoff from a Doha round deal would be less immediate than bilateral free-trade agreements, which eliminate many tariffs the first year they go into effect.
"When we're talking about the Doha round, we're talking about trade in 2015, 2020 and 2025," Schwab said.
Let's see, at the present rate that the mercantilist countries are stealing our industries, by 2015 we'll lose our automobile and motorcycle industries, by 2020 we'll lose our mining machinery and heavy equipment industries, by 2025 we'll lose our aircraft construction industry. Then in 2025, China will finish removing their tariffs on American exports. Of course, that action will be pointless. We won't have any idustry left!
I say, good riddance to this agreement. I would like to see the next administrations in the US and Europe insist on some real changes that balance trade, or threaten to walk out of the WTO altogether.
Follow the following link to read the story: http://www.reuters.com/article/politicsNews/idUSN0740648120080507?pageNumber=2&virtualBrandChannel=0
Howard
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