Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre . . . . . . . . . . . . . email: jpalmer at uwo dot ca

. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Friday, April 29, 2005

Oxfam and the WWF are Free-Traders

At least it seems so when the circumstances suit them.

Trade Minister Mark Vaile says Australian farmers will benefit from a World Trade Organisation (WTO) ruling that the European Union's (EU) sugar subsidies are illegal.

Australia, Brazil and Thailand had brought the case against the 25-nation bloc.

The 25-nation bloc had attempted to overturn last year's finding by a panel of trade judges on several million tonnes of surplus EU sugar output, known as "C" sugar.

The judges had found that while the sugar should have been exported without subsidies, it was benefiting from state aid.

...Activist groups like Oxfam and WWF, which are frequent critics of the WTO's staunchly free-trade line, have applauded.

They say that the EU must now "radically reform its scandalous sugar regime."
One of the big questions will be whether decisions like this will carry any weight. Will the EU comply? and, if so, how much? We in Canada know that the U.S. has been an extreme foot-dragger, and there is little reason to expect anything different from the EU.
[h/t to BrianF for the link]
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