Global food prices have increased by over 80pc since 2005

Sunday, April 13, 2008

WASHINGTON: A new world trade deal, more than six years in the making, finally appears to be within reach, but it may not ease raging global food costs that have protesters pouring into the streets from Egypt to Haiti.

On the contrary, many experts expect a new global pact would actually lift food prices slightly, at least at first.

Policymakers plugging the World Trade Organization’s (WTO) Doha round have said closing a deal on the plan to lower farm subsidies and tariffs the world over would stabilize food markets, lock in lower tariffs and spur food production.

If negotiators in Geneva can break a long-standing impasse over subsidies and market access for farm goods, the WTO may call together ministers to seal a deal before President George W Bush leaves office next January.

“The poor need lower food prices now,â€