We’ll be getting another update from Frank Vargo, our man in Hong Kong, but in the meantime, here’s a link to our press release from yesterday on these most important meetings. Remember that manufactured goods comprise 75% of world trade. Here’s what we seek from manufactured goods trade in this round of trade talks:
1.) Significant cuts in tariffs that countries actually assess on industrial products, with both an across-the-board tariff-cutting formula and elimination of tariffs in selected industry sectors;
2.) An agreement to cut non-tariff barriers broadly;
3.) Assurance that negotiations don’t weaken US trade laws; and
4.) Simplification of customs procedures and related cost reductions.
And here’s a link to the background documents on the Hong Kong Ministerial.
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