US urged to revive stalled trade talks

THE US can revive the stalled trade talks with a better offer of cuts in US farm subsidies, which would prompt other nations to accept concessions, World Bank President Paul Wolfowitz has said.

A trade agreement could generate an additional $300 billion in global production, including $86bn for developing countries, Wolfowitz said in a letter to leaders of the Group of Eight countries, as well as Brazil, China, India, Mexico, and South Africa.

World Trade Organisation talks stalled over loopholes allowing rich and emerging economies to shield commodities from tariffs.